Brussels disburses 1 billion euros in aid to Ukraine

The economic vice-president of the European Commission, Valdis Dombrovskis, announced on Monday that “this payment of 1,000 million euros is the first part of our macro-financial assistance package of 9,000 million euros to help Ukraine meet its emergency financial needs caused by because of the brutal war in Russia.

The Community Executive has detailed that the first payment, of 500 million euros, has been made this Monday and a second tranche, of 500 million euros, will be disbursed on Tuesday, August 2 in the form of long-term loans under favorable conditions.

This is the first disbursement of a total of 9,000 million euros that make up the macro-financial aid package announced by the European Commission on May 18 and which was later supported by the Twenty-seven and the European Parliament.

In this regard, the Commissioner for the Economy, Paolo Gentiloni, has indicated that “work is already being done on a proposal for the second part of this macro-financial aid, as announced in May and approved by the European Council.”

The disbursement of 1,000 million euros is part of the EU’s effort to provide aid to Ukraine to meet its economic needs after Russia’s aggression against Ukraine and is complemented by the 1,200 million euros of emergency macro-financial aid granted in the first half of the year.

“We will continue to support the Ukrainian people, politically, financially and with military means, to face the adversity and challenges caused by Russia’s aggression,” said the High Representative for Foreign and Security Policy of the EU, Josep Borrell.

As in other previous macro-financial aid loans, the Community Executive takes funds in the form of loans from international markets and transfers them to Ukraine under the same conditions. This loan is backed by 70 per cent of the value by amounts set aside from the EU budget.

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: dpa