The document sets the conditions for the creation of the previously proposed Ukraine Aid Fund with an annual budget of approximately 5 billion euros.
EU member states have been presented with a proposal to reorganize the fund that provides military support to Ukraine. The bloc plans to switch from shipping weapons from existing stocks to buying new ones. Bloomberg reports this in a related document.
The document sets the conditions for the creation of a previously proposed Ukraine Aid Fund with an annual budget of around 5 billion euros, which EU governments could not agree on.
Under the current funding mechanism, known as the European Peace Fund (EPF), EU member states receive reimbursement for the weapons they send to Ukraine. The size of the fund has been increased several times, but the decision to allocate and disburse funds requires unanimous support.
“It is necessary to reach political agreement as soon as possible on the proposed goal – to increase the general financial ceiling of the EMF by 5 billion euros, specifically intended for Ukraine,” the document said.
It was noted that further comparable annual increases could be envisaged until 2027 based on Ukraine’s needs and subject to political leadership from member states.
Diplomatic representatives from several countries, including Germany, also reportedly suggested at a meeting on Wednesday that the EMF in its current form is becoming less effective as most future supplies will come from new purchases of weapons rather than from existing stockpiles.
According to the publication, other member countries want to build the EMF aid fund, while some countries want to maintain the current mechanism.
The EU foreign policy proposal aims to harmonize different positions by changing the management of the fund, including fixing reimbursement rates and providing higher bonuses for joint initiatives in between European and Ukrainian industry.
The draft assumes that reimbursement for supplies from warehouses and one-way purchases will be eliminated.
The Fund will have two main areas to be supported through the EMF: providing lethal and non-lethal support to Ukraine through joint procurement through European industry, and continuing to train and equip Ukrainian troops . This instrument should complement any bilateral assistance provided to Kyiv by member states.
The fund is expected to be used to meet Ukraine’s immediate needs for artillery, special munitions, drones and air defense, as well as non-lethal elements such as mine clearance, military medical support and cybersecurity.
The document states that the participation of non-European arms and services in the work of the EU to train and equip Ukrainian troops, for example, within the framework of the F-16 fighter coalition, should be considered in each case.
We remind you that Ukraine received 150 million euros of financial assistance on a non-refundable basis from the European Union.
Plan B from the EU: when to expect financial aid
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.