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Ukraine accepts new funds from the EU

2024-04-24 15:01:00, Kosova & Bota CNA
Ukraine accepts new funds from the EU
Illustrative photo

Ukraine has received a share of 1.5 billion euros in financial aid from the European Union and hopes to receive another 10 million euros later this year, officials said.

Ukrainian Finance Minister Serhiy Marchenko said the EU, which has given Ukraine 31 billion euros, has become the main donor of budget funding to Ukraine since Russia launched its invasion of the neighboring country in February 2022.

The United States, which has approved billions of dollars for a new aid package for Ukraine, is also an important donor.

"International support is key to ensuring macroeconomic stability and building a base for economic growth," said Marchenko.

During this year, Ukraine faces a budget deficit of 37 billion dollars and the state depends heavily on the aid of its Western partners in order to be able to pay for its social and humanitarian expenses.

Kiev spends most of its state revenue on defense as its troops face off against outnumbered and better-equipped Russian forces.

Ukrainian Deputy Prime Minister Yulia Svyrydenko said the Government welcomes the EU's final approval of the €50 billion aid program for Ukraine, and hopes to receive three more tranches of aid from this figure this year.

According to her, after the final approval, Kiev will be able to accept 1.89 billion euros in June, and another 4 billion euros together in September and November.

Ukraine needs to implement a number of reforms in order to receive this financial aid that the European bloc has offered. Among other things, Kiev is asked to take measures to improve transparency, fight corruption, improve the environment for doing business and bring the country's legislation closer to that of the EU./ Rel





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