The EU announced on Nov. 5 that it had sent an additional 4.36 billion euros ($4.91 billion) in financial support to Ukraine, as part of its 90 billion euro ($101 billion) support loan, The Kyiv Independent reports.
Ukraine has been unlocking tranches of the 90 billion euro loan in exchange for completing reforms required by the EU and by the International Monetary Fund (IMF), with the latest disbursement linked to IMF reforms. "By meeting the conditions agreed with international partners, Ukraine has demonstrated its continued commitment to EU accession and to strengthening its economic resilience," said the EU's Economy Commissioner Valdis Dombrovskis.
"The 4.36 billion euros disbursed today under the Ukraine Support Loan reflect that progress," Dombrovskis said, before outlining how predictable financial support can help keep Ukraine's economy going. Of the disbursed amount, 3.7 billion euros ($4.2 billion) was tied to implementing IMF-required reforms. The remaining 658 million euros ($739 million) was part of a separate defense component of the 90 billion loan.
"As Russia continues its attacks on our cities and energy infrastructure, this support is more vital than ever," Prime Minister Serhii Koretskyi said on social media. "It helps us keep essential public services running, strengthen our defence and protect our people."
Dombrovskis also described the financial support as "an investment in Ukraine's recovery, security and prosperity, and in its future as a member of the European Union."
That remark comes one day after the publication of an EU progress report on Ukraine's membership process and talks in Brussels about Kyiv's postwar reconstruction. The EU has also laid out how it plans to disburse the 45 billion euros ($51 billion) of support loan earmarked for 2027, which will likewise peg payments to ongoing reform work.
But even with that 45 billion euros still to come, Ukraine expects to have an additional 70 billion euros ($78 billion) shortfall in its budget for 2027. To plug that hole, the European Commission is preparing an options paper, and third countries are being urged to make their own pledges to Ukraine.
So far, Norway has pledged $9 billion, the U.K. around $13 billion, and Canada 500 million euros ($559 million).
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