European Parliament agrees to adapted 18B euro loan to Ukraine

The European Parliament has agreed to a modified regulation allowing the 18 billion euro support package to be transferred to Ukraine after Hungary had vetoed the original proposal.

MEPs accepted, through the  urgent procedure, the change proposed by the Council of the EU in the Macrofinancial Assistance Plus regulation that allows the 26 member states to act as guarantors of the loan as an alternative to the EU budget.

The long-term loan, given on preferential terms but conditional on reforms, will cover essential public services, including running hospitals, schools and providing housing.

It is also intended to help maintain macroeconomic stability and to rebuild infrastructure in Ukraine, which has been under constant attack by Russia.

Parliament approved the loan to provide short-term financial relief to Ukraine on November 24 but Council could not find unanimous support for the two elements of the original proposal on December 6.

To facilitate the disbursement of the loan in January 2023, Council presented an amended version of the package on December 10, to which Hungary consented and which Parliament deemed adopted.

(Photo: EC Audiovisual Service)

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