EU Is The Largest Donor Of Direct Budgetary Assistance Finance Ministry

(MENAFN- UkrinForm) Since the beginning of Russia's full-scale invasion, the European Union has been the largest donor of direct budgetary assistance; in the first five months of 2024 alone, financial support from the EU accounted for more than half of all funds raised.

That's according to the press service of the Finance Ministry, Ukrinform reports.

“This assistance is a crucial element in keeping the financial system stable. I am grateful for the understanding of Ukraine's needs and for the prompt adoption of the necessary decisions. Expanding cooperation with the EU and full integration are the absolute priorities of the Government of Ukraine,” Finance Minister Sergii Marchenko said this his speech online at the meeting of the EU Economic and Financial Affairs Council (ECOFIN) on June 21.

As to the implementation of the 2024 budget, Marchenko noted that international partners have assured further financial support for Ukraine.

Financial assistance from the EU is expected to be the largest in terms of volume and reach EUR 16 billion in 2024, provided that Ukraine performs the indicators of the Ukraine Plan.

Read also: Ukraine to receive $50B from G7 by year-end - Belgian finance chief

Ukraine and international donors are actively cooperating to meet Ukraine's priority needs in 2025.

The Finance Minister stressed the medium-term nature of the EU's Ukraine Facility, which provides support for 2024-2027.

In 2025, the Ukraine Facility will provide EUR 15.2 billion of assistance to Ukraine, of which EUR 12.5 billion is budget support.

As reported, since the beginning of Russia's full-scale invasion, Ukraine has attracted $85.4 billion in international financial assistance.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.