(Bloomberg) -- The European Union authorized the first regular payment from its close to €50 billion ($55 billion) support package for Ukraine that’s aimed at keeping the beleaguered economy running during Russia’s invasion.
Ukraine will receive €4.2 billion, which Kyiv can use to support its public administration and to strengthen financial stability, according to an EU statement on Tuesday. It stressed “the importance of allocating the money as soon as possible, given the difficult fiscal situation in Ukraine.”
The payment comes after the EU already allocated almost €8 billion to Ukraine in bridge financing and pre-financing from the so-called Ukraine Facility that the 27-member bloc set up from March. On Monday, Ukraine also received $3.9 billion in US budget support, which is part of a $61 billion package the Senate approved in April.
As part of the EU aid, Ukraine has agreed to broad-based reforms, including in the areas of public finance and the fight against corruption. The funds are to be disbursed by 2027 and are also meant to support Ukraine as it goes through the EU accession process.
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