Ukraine Today received financial support from the European Union in the form of a new tranche of 1.5 billion euros ($1.6 billion), the European Commission announced on its official page, writes BTA.
Kiev hopes to receive another 10 billion euros later in the year, officials quoted by Reuters said.
The payment of €1.5 billion followed the positive assessment by the EC of the political conditions agreed with the authorities in Kyiv related to reforms in the field of the judicial system, the fight against money laundering, the management of public finances, the business environment and the countryside economy, as well as reporting requirements to ensure the transparent and efficient use of funds, the EC states.
Ukrainian Finance Minister Serhiy Marchenko said that the EU, which has provided Ukraine with 31 billion euros, has become the largest donor in terms of financing Ukraine's budget since the beginning of the Russian invasion in February 2022.
"International support is the key to ensuring macroeconomic stability and building a basis for economic growth," Marchenko also said.
Ukraine faces a budget deficit of $37 billion this year and relies heavily on financial aid from its Western partners to finance its social and humanitarian spending.
Kiev uses most of its state revenue to finance its defense efforts, while Ukrainian troops face the larger and better-equipped Russian army.
Economy Minister Yulia Sviridenko said Ukraine's government is looking forward to the final approval of the EU's €50 billion loan program for Ukraine, and hopes to receive three more tranches this year.
"In fact, we are one step away from the launch of the program and full regular funding under it," said Sviridenko.
According to her, after the final approval, Kyiv will be able to receive 1.89 billion euros in June and two more tranches worth about 4 billion euros in September and November.
However, Ukraine will need to implement a number of reforms and meet other program indicators in order to access the funds.
The steps include measures to improve transparency, fight corruption, improve the business environment and bring the country's legislation closer to that of the EU.