The states of the G7 created a “financial Rammstein” for Ukraine

The Prime Minister Denys Shmyhal informed about the launch of a new format of financial assistance to Ukraine on a permanent basis. This was called the financial Rammstein.

The first meeting at the management level will be held this week.

"It is important that financial aid projects are clearly coordinated, which is why the G7 countries have created a multi-donor coordination platform — the so-called financial Rammstein," Shmyhal noted, recalling that Ukraineʼs budgetary needs for foreign aid for this year alone amount to at least $38 million.

Financial "Rammstein" will work in three directions: continued short- and medium-term support for Ukraine, international coordination and support for reforms, and development of the private sector.

"This format of meetings was created to address three main issues: to speed up ongoing repairs to restore generation and distribution volumes, to promote decentralization of the energy system and make it less vulnerable to the enemy, and to help Ukraine implement new energy efficiency programs," Shmyhal declared.

• On December 14, 2022, Ukraine received the third and last tranche within the eighth macro-financial aid program of the European Union. The total funding under this program was €5 billion. Ukraine received the first tranche of €2 billion in October, the second — €2.5 billion — in November, and the third — €500 million — in December.
• On December 16, 2022, the European Union finally approved the allocation of €18 billion in macro-financial assistance to Ukraine. Funds will be received during 2023.
• On January 17, the European Union announced the provision of the first tranche of macro-financial assistance to Ukraine in the amount of €3 billion.