disburses

Nov. 5 (UPI) — European lawmakers have agreed to a fifth disbursement of $2 billion for Ukraine, supporting its financial stability and government as its defense against a Russian invasion nears its fourth year.

The European Council, the collegiate body of the 27-member bloc, adopted a decision Monday to disburse the funds under its Ukraine Facility, the EU’s main framework for sustaining Ukraine’s economy, governance and reconstruction.

The disbursement comes after Kyiv’s successful completion of nine steps required for the money to be released and one outstanding step from the fourth disbursement of $3.6 billion in August.

“The funding aims primarily to bolster Ukraine’s macro-financial stability and support the continued operation of its public administration,” the council said in a statement.

The Ukraine Facility was adopted in February 2024 and came into force the next month to provide Ukraine with up to $57.4 billion in stable financing in the form of grants and loans through 2027.

Up to $36.7 billion of the funds are earmarked for reforms and investments established in the Ukraine Plan, which will also accelerate Kyiv’s EU accession.

Under the Ukraine Facility, the EU has disbursed about $6.8 billion in bridge financing, $2.1 billion in pre-financing and now five installments of $4.8 billion, $4.1 billion, $4 billion, $3.6 billion and $2 billion on Tuesday.

The disbursement came as the European Commission, the executive branch of the bloc, published a report assessing that Ukraine has made progress in its accession process.

President Volodymyr Zelensky of Ukraine said in a statement that the report “is the best assessment to date — proof that even as we defend against Russia’s full-scale aggression, Ukraine continues to reform and transform according to European standards.”

“Ukraine’s progress on the path to the EU is achieved by efforts of millions of our people,” he said.

“We are committed to working together to strengthen Europe and our shared values.”