Implementing reforms is mandatory condition for allocating funds to Ukraine – European Commission
The European Commission has reminded Ukraine that receiving additional EU financial assistance is directly linked to implementing the agreed reform agenda.
European Commission spokesperson Balazs Ujvari said this, according to Censor.NET, citing Interfax-Ukraine.
What is known?
He outlined the options being considered for providing financial assistance to Ukraine in 2026 and 2027.
"I have three key points on this. First, Ukraine needs to continue its reforms. Second, our international partners need to make concrete commitments. Third, we need to begin preparing for 2027," the spokesperson said.
Ujvari explained that, regarding the €90 billion loan, the EU has so far allocated €15 billion to Ukraine, while the target for 2026 is €45 billion.
"The gap is substantial, and we need to focus on reaching that €45 billion target. At the same time, it is important that Ukraine continues its reforms. Of course, we understand how difficult the situation there is. ... Nevertheless, there is an agreed reform agenda with specific measures directly linked to the macro-financial assistance programme and the Ukraine Facility, and these reforms need to be carried out."
"Implementing them is a mandatory condition for us to allocate additional funds. That is what we will focus on in providing financial support to Ukraine this year," the spokesperson explained.
Ujvari also noted that even if the EU provides Ukraine with the €90 billion loan over this year and next, a funding gap of around €45 billion will remain.
"This is where our international partners need to step in. We regularly raise this issue at G7 and G20 meetings. (...) Norway has set a good example by committing to provide $9 billion.
"It is an excellent example and the way forward. We expect our other partners to follow it as soon as possible," the European Commission representative said.
Ujvari believes it is time to agree on a financing strategy for next year:
"This document will set out the amounts to be allocated across three areas: the €90 billion loan under the macro-financial assistance programme, the Ukraine Facility and the defense component."
The European Commission is continuing talks with Ukraine on the matter.
"The sooner we receive the final version of this document from the Ukrainian side, the better. We will then be able to make a decision that provides predictability for next year," he concluded.
Background
- Earlier, Ukrainian Prime Minister Koretskyi said funding to cover $27 billion in spending had not yet been found. He also said payments to military personnel would be made in full and without interruption.
