Macro Financial Assistance+ for Ukraine

Macro-Financial Assistance (MFA) is a form of financial aid extended by the EU to partner countries experiencing a balance of payments crisis. It takes the form of medium/long-term loans or grants, or a combination of these.

In 2023, the EU provided under a dedicated MFA+ programme €18 billion in support to Ukraine. This support came in the form of highly concessional loans, disbursed in regular instalments. This stable, regular and predictable financial assistance helped to cover a significant part of Ukraine's short-term funding needs for 2023. To raise the funds, the Commission issued EU-Bonds under its unified funding approach. This enabled the Commission to disburse funds to Ukraine in a more flexible manner, using its central funding pool.

Under MFA+, Ukraine benefitted from more concessional loans compared to previous programmes, with a maximum repayment period of 35 years, beginning in 2033. The MFA+ instrument was accompanied by reforms to help Ukraine advance on its path to becoming a member of the EU, including anti-corruption and judicial reforms, respect of the rule of law, good governance and modernisation of national institutions.

Borrowing to finance MFA+ loans to Ukraine is fully backed by the EU Member States’ commitments to contribute resources to the EU budget, just like borrowing to finance loans to EU Member States. Financing to Ukraine under MFA+ is also supported by additional interest rate subsidies by Member States. More information on budgetary safeguards underpinning EU’s borrowing operations can be found on our dedicated factsheet here

MFA+ was part of the EU’s wider financial support to Ukraine.  More information can be found here:

EU Neighborhood support programmes