A Commission staff working document published on 25 June 2026 provides a detailed background analysis per beneficiary country for the 2025 macro-financial assistance (MFA) report, covering operations for Ukraine, Egypt, Jordan, and North Macedonia. The document, transmitted to the European Parliament and the Council, outlines disbursements, policy conditions, and political preconditions up to April 2026.
Ukraine received EUR 18.1 billion under the exceptional ERA MFA in 2025, fully disbursed by 13 November 2025, with the last tranche of EUR 4.1 billion. Repayments are financed via immobilised Russian asset revenues through the Ukraine Loan Cooperation Mechanism (ULCM), with a 45-year maturity and 10-year grace period. EU leaders agreed on 18 December 2025 to a new EUR 90 billion support loan for 2026-2027, and the Commission adopted a legislative package on 14 January 2026. Policy conditions focused on macro-financial stability, state-owned enterprises, public administration, rule of law, and energy, linked to the Ukraine Plan.
Egypt received a EUR 4 billion MFA approved in June 2025, with the first instalment of EUR 1 billion disbursed in January 2026 after economic reforms and progress under an IMF programme. Jordan received a EUR 500 million MFA approved in 2025; the first instalment of EUR 250 million was disbursed in August 2025. A new EUR 500 million MFA proposal for Jordan was adopted in January 2026.
North Macedonia's EUR 100 million MFA saw the first instalment of EUR 50 million disbursed in 2024, but no request for the remaining EUR 50 million has been made. Conditions were not met due to the absence of an IMF programme and unfulfilled MoU conditions; the operation expires in August 2026.
The report underscores the EU's continued substantial MFA disbursements, with Ukraine as the largest recipient, while Egypt and Jordan received new operations. North Macedonia's stalled MFA highlights the conditionality mechanism's role. The document serves as a background analysis for the Commission's annual report on MFA implementation.