On July 10, the Ministry of Finance attracted EUR 1 billion to the state budget from the European Union. The funds are part of the EU’s contribution under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative.
The ERA initiative envisions providing Ukraine with $50 billion, secured by future revenues generated from frozen russian assets. The EU’s contribution amounts to EUR 18.1 billion ($20 billion).
In total, under the ERA initiative, the Ministry of Finance has already attracted EUR 8 billion from the European Union.
“The funds will enable the financing of priority state budget expenditures in the social and defense sectors, support macroeconomic stability and help restore critically important infrastructure. This is a crucial and timely investment in strengthening Ukraine’s financial resilience, enhancing our ability to resist the aggressor and ensuring the proper functioning of essential public services. I am grateful to our EU partners for implementing this mechanism,” said Minister of Finance of Ukraine Sergii Marchenko.
Since February 2022, the European Union has been the largest provider of direct budgetary support to Ukraine, with a total of EUR 53.5 billion allocated for priority state budget needs. (Government portal)