EU Council adopts EUR 18 billion assistance to Ukraine in 2023
EU Council adopts EUR 18 billion assistance to Ukraine (Photo:Verkhovna Rada of Ukraine)
The Council of the European Union has agreed on a legislative package of EUR 18 billion ($18.97 billion) in financial assistance to Ukraine, despite Hungary's attempts to block the decision, the press office of the Council said on Dec. 10.
Hungary had previously used its veto to block the aid package, amid suspicions that Hungary is tying aid to Ukraine to unfreezing EU funds for Hungary, frozen after Hungary ran afoul of EU rule-of-law regulations.
The proposal is to be approved by the European Parliament as early as next week.
"Ukraine can count on the EU,” declared the Minister of Finance of Czechia, Zbyněk Stanjura.
“We will continue to support Ukraine, also financially, for as long as it takes. The legislation which we adopted today means that Ukraine can count on regular financial help from the EU throughout 2023.”
The financial aid package is intended as a structural solution to support Ukraine throughout 2023, and have a 10-year grace period for repayment. Member states will cover the bulk of the interest costs via external assigned revenues, while the borrowing will be guaranteed by the EU budget or by member states.
Funds from the package are earmarked for Ukraine’s immediate needs, including rebuilding critical infrastructure and support for sustainable reconstruction after the war.
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