The EU will provide all political, financial, military and humanitarian support required to assist Ukraine and its people in the face of Russia's continued illegal aggression – for as long as it takes.” At the same time, we are working closely with EU Member States and our international partners on the next steps to rebuild Ukraine for the longer term. Valdis Dombrovskis, Executive Vice-President for An Economy that Works for People said: “This €1 billion payment is a first part of our €9 billion macro-financial assistance package to help Ukraine meet its emergency financial needs caused by Russia's brutal war. to address transport bottlenecks so that exports, in particular of grains, could be ensured. This financial assistance comes in addition to the unprecedented support provided by the EU to date, notably humanitarian, development and defence assistance, the suspension of all import duties on Ukrainian exports for one year or other solidarity initiatives, e.g. This loan to Ukraine is backed for 70% of the value set aside from the EU budget. As for all previous MFA loans, the Commission borrows funds on international capital markets and transfers the proceeds on the same terms to Ukraine. In a further expression of solidarity, the EU budget will cover the interest costs on this loan. The assistance supports Ukraine's macroeconomic stability and overall resilience in the context of Russia's military aggression and the ensuing economic challenges.
The MFA funds have been made available to Ukraine in the form of long-term loans on favourable terms. Taken together, the two strands of the programme bring the total MFA support to Ukraine since the beginning of the war to €2.2 billion. It complements the support already provided by the EU, including a €1.2 billion emergency MFA loan paid out in the first half of the year. It is the first part of the exceptional MFA package of up to €9 billion announced in the Commission's communication of and endorsed by the European Council of 23-24 June 2022. This additional MFA of €1 billion is part of the extraordinary effort by the EU, alongside the international community, to help Ukraine to address its immediate financial needs following the unprovoked and unjustified aggression by Russia. The decision about this new exceptional MFA was adopted by the European Parliament and the Council on 12 July 2022. The second tranche (another €500 million) will be disbursed tomorrow, 2 August. The European Commission, on behalf of the EU, has today disbursed the first half (€500 million) of a new €1 billion macro-financial assistance (MFA) operation for Ukraine.
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