The governments of European Union nations approved a €4.2 billion payment to Ukraine as the first official payment from a €50 billion aid package earmarked for the country's reconstruction.
The Council of the EU said Ukraine had met the nine conditions set out for the payment, which is the first portion of the so-called Ukraine Facility, a €50 billion package of EU loans and grants meant to be disbursed between now and 2027.
The "Council concluded that Ukraine had satisfied the necessary conditions and reforms envisaged in the Ukraine Plan for receiving the funds, which will be disbursed from the Ukraine Facility," according to a press statement. "These reforms cover public financial management, governance of state-owned enterprises, business environment, energy and demining."
The Council also stressed "the importance of allocating the money as soon as possible, given the difficult fiscal situation in Ukraine."
"We are currently working on meeting the indicators for the Q3, which will enable the country to receive the next €4 billion tranche in November this year," Ukrainian Economy Minister Yulia Svyrydenko said in a statement thanking the EU.
"This is extremely important, as it is thanks to these funds that we can provide social spending. At the same time, Ukraine cannot use this funding for military needs, so almost everything we earn domestically is used to support the security and defence sector," she added.
Earlier this week, Ukraine received a $3.9 billion grant from the United States to help the country pay for social programs and other non-military expenditures, Ukrainian Finance Minister Sergii Marchenko said.
