The first step was the consent of the leaders of European Union countries at last week’s summit. Then talks began on the details of financial support for Ukraine. The target is EUR 50 billion for the country, to be transferred by 2027.
Overnight agreement on details of support for Ukraine
The latest information is that last night negotiators of the European Parliament and EU capitals (within the European Council) agreed on the details of the support package – the so-called Ukraine Facility. It is intended to combine financial support streams for Ukraine into a single instrument, “providing consistent, predictable and flexible support to Ukraine for the period 2024-2027, tailored to the unprecedented challenges of supporting a country at war,” the European Council says in a press release.
Most of the money from the package, EUR 33 billion, will be low-interest loans, while EUR 17 billion will be non-repayable subsidies. These funds will be intended to maintain the functioning of the state, help in its reconstruction, modernization and reforms, as well as to support investments and preparations on the way to membership in the Union. The package depends on Ukraine’s compliance with democratic standards.
The negotiated details still need to be approved by MEPs during the plenary session of the European Parliament and the member states. Formal votes will take place in the coming weeks. The first tranche of funds is to reach Kiev in March. Then the Ukrainian government runs out of money in its budget.
“The EU will support Ukraine as long as necessary,” wrote Vincent van Peteghem, Minister of Finance of Belgium, which is leading the EU’s work this half-year.
Source: Gazeta
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