European Union countries on Tuesday approved the first quarterly payment to Ukraine from a €50 billion ($55 billion) bailout fund.
The €4.2 billion payment is intended to finance the functioning of the state as Ukraine fights to defeat Russia’s all-out invasion and to support the economic stability of the war-torn country.
The EU overcame stubborn resistance from the Hungarian Prime Minister Victor Orban earlier this year to set up a €50 billion fund for Ukraine, drawn from the bloc’s budget, that will run until 2027.
The Hungarian prime minister, seen as the one with the closest ties to Moscow within the bloc, blocked an earlier attempt to set up the fund, citing a lack of built-in checks and balances.
Orbán previously linked the EU budget negotiations to the disbursement of EU funds to his country, which had been frozen amid allegations of corruption and abuse of power.
EU leaders agreed to hold annual debates on the fund’s operation until 2027.
With the final payment of €4.2 billion, the EU has provided €12 billion to Ukraine from the support fund.
Ukraine must meet pre-agreed conditions in order to continue receiving regular quarterly payments from the fund.
