The funds will be provided in the form of highly concessional loans to be repaid over a maximum of 35 years, starting in 2033.
The European Commission has officially unveiled a proposal to provide Ukraine with 18 billion euros in 2023 in a new format of macro-financial support plus. This was reported on the EC website on Wednesday, November 9.
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“Following the meeting of the European Council on October 20-21, the Commission today proposed an unprecedented support package for Ukraine of up to 18 billion euros for 2023. It will be provided in the form of highly concessional loans , which will be paid in regular installments. from 2023,” the Commission said. in the message.
It is indicated that this stable, regular and predictable financial assistance – averaging €1.5 billion per month – will help cover a large part of Ukraine’s short-term financing needs for 2023, estimated by the Ukrainian authorities and of the IMF of €3 -4 billion per month. The remaining funds will be provided to Kyiv by other major donors.
“The funds will be provided in the form of highly concessional loans to be repaid within a maximum of 35 years starting in 2033. As another expression of solidarity, the EU also proposes to cover Ukraine’s costs in rates of interest through additional earmarked payments from member states to the EU budget,” said the European Commission.
It is emphasized that the allocation of funds must be accompanied by reforms that will help Ukraine move towards EU accession.
“This means that the government of Ukraine needs to increase financial support to sectoral and institutional reforms, including anti-corruption and judicial reforms, respect for the rule of law, good governance and modernization of national and local institutions. We will test the effectiveness of these reforms when paying contributions,” said Brussels. .
At the same time, the European Commission is putting forward three legislative proposals to ensure the continuous financing of Ukraine. Before they come into force, they must be approved by the European Parliament and the EU Member States in the Council.
Earlier, the media reported that Hungary blocked an aid package to Ukraine from the EU for 18 billion euros. The Hungarian government said it would not support the changes needed to prepare an aid package for Ukraine.
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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.