The European Commission has proposed a new emergency macro-financial assistance (MFA) program worth up to €1.2 billion for Ukraine. The Commission's President Ursula von der Leyen and Ukraine's President Volodymyr Zelenskyy had direct discussions about this proposal after the Ukrainian authorities had made a request.

Ukraine will receive MFA funds in the form of long-term loans with extremely favorable terms. They will help to strengthen Ukraine's macroeconomic stability and overall resilience in the face of rising geopolitical uncertainty and its impact on the economy.

The Commission will be able to immediately disburse a first tranche of €600 million to Ukraine if the Council and the European Parliament adopt this proposal quickly. Following a positive assessment of the Ukrainian authorities' progress in implementing a limited number of agreed short-term policy measures, the second tranche will be disbursed.

Read the full press release here!