EU disburses first instalment of EUR 300 million aid to Ukraine

Under the new emergency Macro-Financial Assistance (MFA) programme, European Union on Friday (Local Time) disbursed EUR 300 million, the first payment of a EUR 1.2 billion package to support war-torn Ukraine.

This is the initial part of the first EUR 600 million instalments under Ukraine's new EUR 1.2 billion emergency MFA programme. A further disbursement of EUR 300 million is expected to take place next week. The programme represents a concrete demonstration of the EU's unwavering support for Ukraine, the statement read.

"The disbursement of funds has been fast-tracked to help enhance Ukraine's macroeconomic stability in the context of Russia's unprovoked and unjustified invasion," said the EU statement.

The disbursement comes following a swift adoption of the Commission's proposal for a new emergency programme by the Council and the European Parliament.

The remaining funds (EUR 600 million) will be disbursed later in the year, in line with the Memorandum of Understanding signed by the EU and Ukraine.

In parallel to implementing the emergency MFA programme, the Commission is preparing an additional MFA programme to further support Ukraine in the longer term, as announced by President von der Leyen at the end of January.

President of the European Commission, Ursula von der Leyen said that the war by Russian President Vladimir Putin war is exerting "brutal military and economic pressure on the brave people of Ukraine."

Taking to Twitter she wrote, "Europe stands firmly by their side. Today we disbursed EUR 300 million in emergency Macro-Financial Assistance to Ukraine. This is the 1st payment of a EUR 1.2 billion package. So more will come."

On February 24, Russia launched a special operation in Ukraine in response to calls from the Donetsk and Luhansk people's republics to defend themselves against intensifying attacks by Ukrainian troops.

( With inputs from ANI )

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