European Council today decided to provide € 1 billion of additional macro-financial assistance (MFA) to Ukraine, as a matter of urgency, APA reports citing the European Council website.

Together with the emergency MFA of € 1.2 billion disbursed earlier this year, the total macro-financial support from the EU to Ukraine since the start of the war now reaches € 2.2 billion and it is expected to increase further in the coming months. This financial assistance complements other EU support to Ukraine in the humanitarian, development, customs and defence fields.

The MFA adopted today aims to address the immediate and most urgent funding needs of Ukraine, and to ensure the Ukrainian state can continue to perform its most critical functions. It takes the form of a highly concessional long-term loan. It will have an availability period of one year and will be disbursed as a single instalment, which may be split into one or more tranches

The release of the instalment and the assistance will take place once a memorandum of understanding is agreed with the Ukrainian authorities. It will include enhanced transparency and reporting on the use of funds and will define the setting-up of reporting requirements to which this MFA will be linked.

Source: Azeri-Press News Agency