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EU Parliament approvies EUR 18 bn loan for Ukraine

EU Parliament approvies EUR 18 bn loan for Ukraine

On Thursday, MEPs approved an €18 billion loan to support Ukraine during Russia’s war against the country, the EU Parliament website reported.

The €18 billion will cover roughly half of the estimated €3-4 billion monthly funding Ukraine needs in 2023. The money will go to supporting essential public services – such as running hospitals, schools, and providing housing for relocated people -, macroeconomic stability and the restoration of critical infrastructure destroyed by Russia, according to the Commission’s proposal. Sourced by the EU from financial markets, the loan will be disbursed in quarterly instalments, with a continuity and predictability that is essential to keep Ukraine afloat amid the war.

The loan is conditional for Ukraine. It requires reforms to strengthen the country’s institutions and prepare it both for reconstruction and its path towards EU membership. Reviewed by the Commission before each instalment, the conditions include measures for anti-corruption, judicial reform, respect of the rule of law, good governance, and modernisation institutions.

The regulation was adopted with 507 votes to 38 and 26 abstentions.

The loan must now be approved unanimously by the EU Council on December 6 before the European Commission can go to the markets and disburse the support in early 2023.

Earlier, Hungarian Prime Minister Viktor Orban opposed the European Commission’s plan to provide Ukraine with €18 billion in aid for 2023 and proposed an alternative in the form of bilateral agreements.

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