The European Commission has published a report on the implementation of macro-financial assistance (MFA) to third countries in 2025, revealing total disbursements of EUR 18.35 billion, overwhelmingly directed to Ukraine. The report, dated 23 June 2026 and addressed to the European Parliament and the Council, details operations under the G7 Extraordinary Revenue Acceleration (ERA) initiative and bilateral programmes for Egypt, Jordan, and North Macedonia.
Ukraine received EUR 18.1 billion in 2025 under the G7 ERA initiative, which makes up to EUR 45 billion available. Disbursements were frontloaded: EUR 3 billion in January, followed by EUR 1 billion monthly from March to September, then EUR 4 billion in October and EUR 4.1 billion in November. The Commission assessed Ukraine's political preconditions positively but noted that concerns over anti-corruption bodies (NABU, SAPO) in July 2025 led to withheld payments until the issues were resolved.
For Egypt, a EUR 4 billion MFA operation was approved in June 2025, with a memorandum of understanding signed in July. The first instalment of EUR 1 billion was disbursed in January 2026, while the remaining EUR 1.5 billion each for the second and third instalments are planned for later in 2026, subject to conditions.
Jordan received EUR 250 million in September 2025 under its EUR 500 million MFA IV programme approved in April 2025. The remaining EUR 150 million (2026) and EUR 100 million (2027) are conditional. A further EUR 500 million MFA V was approved in January 2026, with disbursements planned across 2026-2027.
No progress was made on the EUR 100 million MFA operation for North Macedonia, which remains stalled.
The report underscores the EU's continued reliance on MFA as a crisis-response tool, particularly for Ukraine, while smaller programmes for Egypt and Jordan face conditionality-linked delays. The European Parliament and Council are expected to take note of the report in upcoming discussions on the EU's external financial instruments.