The European Commission proposed on September 8 additional macro-financial assistance (MFA) in the form of loans amounting to 5 billion euros for Ukraine.
The rain of dollars that is falling on Ukraine will end up causing floods since it is still not clear where all this money is going and who controls its use. President Zelensky continues to ask for funds to wage war. Kiev has received tens of billions from the United States and Europe, among others. But this is not enough.
The European Commission explains on its website that today it proposed additional macro-financial assistance (MFA) in the form of loans amounting to 5 billion euros for Ukraine. This is the second part of the exceptional MFA package of up to €9 billion announced in the Commission’s Communication of 18 May 2022 and endorsed by the European Council of 23-24 June 2022. The Commission paid out the first billion euros of this exceptional MFA in early August. The remainder, up to EUR 3 billion, will be paid as soon as possible.
Ten billion euros in total
This disbursement will complement the assistance already provided by the EU, including an emergency MFA of €1.2 billion in the form of a loan in the first half of the year. The two components of the program together would bring total MFA support to Ukraine since the beginning of the war to €7.2 billion, which could rise to €10 billion once the total exceptional macro-financial assistance to Ukraine becomes operational this year.
“Our support for Ukraine is unwavering. We stand with its courageous people in our hearts, in our minds and in our actions,” said President Ursula von der Leyen. Ukraine must win this war (…) The EU will continue to do its utmost to make this happen: solidarity will prevail, and peace will return.”
Let’s hope that Europe will find as much money for the European populations facing the energy crisis!