|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 245, Pages 1-13|
|Content Type||Legislation, Policy-making|
Decision (EU) 2022/1628 - formally adopted by the co-legislators on 20 September 2022 - allowing the disbursement of a further €5 billion in macro-financial assistance (MFA) to Ukraine, as the second part of an exceptional package previously announced by the European Commission.
Macro-Financial Assistance (MFA) operations are part of the European Union's wider engagement with neighbouring countries and are intended as an exceptional EU crisis response instrument. They are available to EU neighbourhood countries experiencing severe balance-of-payments problems.
In order to make a contribution toward financing some of the estimated funding gap, the European Commission announced in May 2022 its intention to propose an exception MFA operation of up to €9 billion to Ukraine. This was endorsed by the European Council in June 2022. The first €1 billion of the exceptional MFA package was adopted in July 2022 - Decision (EU) 2022/1201 - and disbursed in two equal tranches in August 2022.
This Decision enables the EU to provide further exceptional macro-financial assistance (MFA) to Ukraine of €5 billion in loans, while equipping the EU budget with the means to absorb the risk of losses on these additional loans and on the €1 billion MFA loan adopted earlier in the year. In addition, it also seeks to extend the same budgetary protection for the disbursement of already signed External Lending Mandate (ELM) loans to the Ukrainian authorities and Ukrainian state-owned entities after 15 July 2022.
The draft Decision was adopted by European Commission on 7 September 2022. The plenary of the European Parliament endorsed it on 15 September, followed by the Council of the European Union on 20 September. The Act was formally adopted on that same day and published in the Official Journal on 22 September 2022.
|Subject Categories||Economic and Financial Affairs|
|Subject Tags||Economic Governance | Situation|
|Keywords||EU External Action, Macro-Financial Assistance [MFA]
|Countries / Regions||Ukraine|
|International Organisations||European Union [EU]|