Remarks by Commissioner Dombrovskis at the ECOFIN press conference

Thank you, Minister, for this introduction. Good afternoon, everyone.

Let me begin with our regular update on Ukraine.

We remain as determined as ever to support Ukraine and exert maximum pressure on Russia.

Since our last meeting, two pieces of the Ukraine Support Loan legislative package have entered into force, namely the Ukraine Support Loan Regulation and the amendment to the Ukraine Facility Regulation.

At the same time, we are working with the Ukrainian authorities to finalise its Financial Strategy and the Memorandum of Understanding setting out the conditions for Ukraine to receive the loan.

This will facilitate a disbursement taking place once the legislative process has been concluded.

There was broad agreement among Member States on the urgent need to move forward with the Ukraine Support Loan, and we expect all leaders to honour their commitments. 

We also have some good news from the IMF where the IMF's Board approved a new programme for Ukraine.

This will provide crucial financing to support macroeconomic stability and the implementation of structural reforms.

We will work together with the IMF on Ukraine's reform agenda, combining our efforts to help build a more resilient economy and integrate it into our Single Market.

Ukraine's international partners still have a crucial role to play, given that the EU's financial support covers around two thirds of the country's urgent financing needs.

That's why we continue our engagement with other supporters of Ukraine ahead of the IMF and World Bank spring meetings.

At the same time, we are closely monitoring the impact of developments in the Middle East on Ukraine and also on Russia's oil and gas revenues.

Moving to the Recovery and Resilience Facility, where I provided the regular update.

Total disbursements now stand at €395.5 billion.

The deadline for the implementation of all milestones and targets is the 31st of August.

So, as we rapidly approach the finish line, Member States should fully focus on accelerating implementation on the ground.

To that end, I welcome today's endorsement of amendments to Estonia's recovery and resilience plan to reduce administrative burdens.

The Commission will continue to support Member States in the challenging months ahead to ensure the RRF delivers on its full potential.

Then we held a constructive exchange on the Commission's proposals for a market integration and supervision package.

This package is a central component of the Savings and Investments Union strategy.

More integrated capital markets are essential for channelling investment towards the achievement of our strategic priorities, such as enhancing our competitiveness.

Our proposals are designed to remove barriers and unlock the full potential of the EU single market for financial services.

Finally, the Commission welcomes the Council's endorsement of Ireland's revised medium-term fiscal-structural plan.

The Commission will present its assessment of all Member States' compliance with recommended maximum net expenditure growth rates in 2025 in the European Semester Spring Package.

I will stop here. Thank you.