EU ministers adopt legislative package on 18 billion euro assistance to Ukraine

The Council of the EU has reached agreement on a legislative package which will enable the European Union to help Ukraine financially throughout 2023 with 18 billion euro, the Council of the EU said in a statement on December 10.

The proposal was adopted by the Council today via written procedure and it will be submitted to the European Parliament for its possible adoption next week, the statement said.

The package provides for a structural solution to financially support Ukraine in 2023. The amount to be lent to Ukraine in 2023 will be 18 billion euro, and the loans will have a 10-year grace period.

Member states will cover the bulk of the interest costs via external assigned revenues. The guarantees for that borrowing will be provided either by the EU budget or by member states, according to the statement.

“The aim is to provide short-term financial relief, financing Ukraine’s immediate needs, rehabilitation of critical infrastructure and initial support towards sustainable post-war reconstruction, with a view to supporting Ukraine on its path towards European integration.”

A part of the legislative package, an amendment to the financial regulation, had already been adopted by the Council in Ecofin format on December 6.

The December 10 announcement by the Council of the EU comes after, on December 6, Hungary blocked agreement on the 18 billion euro aid package for Ukraine, in a move by Viktor Orbán’s government in apparent revenge for the EU freezing billions in funding for Ukraine over a failure to implement promised reforms.

(Photo: EC Audiovisual Service)

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