The European Commission has published a report on 25 June 2026 detailing the implementation of macro-financial assistance (MFA) to third countries in 2025, revealing that the EU disbursed EUR 18.1 billion in MFA loans to Ukraine under the G7 Extraordinary Revenue Acceleration (ERA) initiative. The report also covers new MFA operations for Egypt and Jordan, while noting stalled progress for North Macedonia.
The EUR 18.1 billion disbursed to Ukraine in 2025 is part of a total EUR 45 billion ERA loan package, repaid from revenues generated by immobilised Russian sovereign assets. Disbursements included EUR 3 billion in January, followed by EUR 1 billion monthly from March to September, EUR 4 billion in October, and EUR 4.1 billion in November. Policy conditions covered macro-financial stability, state-owned enterprises, public administration, energy, rule of law, anti-corruption, and defence. The political precondition was assessed positively, but concerns over the independence of Ukraine's National Anti-Corruption Bureau (NABU) and Specialised Anti-Corruption Prosecutor's Office (SAPO) in July 2025 led to a withheld payment until resolved. Ukraine continued to meet IMF Extended Fund Facility reviews.
For Egypt, the EU approved EUR 4 billion in MFA in June 2025, with a Memorandum of Understanding signed in July 2025. The first instalment of EUR 1 billion was disbursed in January 2026 after 13 policy measures were met. Two further instalments of EUR 1.5 billion each are planned for 2026. Egypt's IMF programme expires in December 2026.
For Jordan, the EU approved EUR 500 million in MFA IV in April 2025, with the first disbursement of EUR 250 million in September 2025. Remaining disbursements of EUR 150 million in 2026 and EUR 100 million in 2027 are conditional on MoU conditions. Jordan has also requested an additional EUR 500 million MFA V. An IMF staff-level agreement was reached in April 2026.
No further progress was reported on the EUR 100 million MFA operation for North Macedonia.
All MFA operations are conditional on IMF programmes and political preconditions, including anti-corruption and rule of law reforms. The report highlights the EU's continued reliance on MFA as a tool to support macroeconomic stability in partner countries, while tying disbursements to policy reforms and IMF engagement.