EU Council approves only one of three docs needed for providing €18 bn aid for Ukraine

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The Council of the European Union failed to adopt a complete package consisting of three pieces of legislation needed to provide Ukraine with €18 billion in macro-financial assistance in 2023.

“The Council discussed a legislative package on €18 billion in financial support to Ukraine. It adopted one of the three pieces of legislation which aim to provide for a structural solution to financially support Ukraine in 2023,” according to a statement published on the website of the European Council following a meeting of the EU Economic and Financial Affairs Council, which took place in Brussels on 6 December.

The document adopted today is an amendment to the financial regulation, allowing the financing of the macro-financial assistance to take place within the so-called diversified funding strategy.

Meanwhile, the Council failed to adopt an amendment to the multiannual financial framework, allowing the use of the headroom to guarantee the borrowing for Ukraine in the years 2023 and 2024, as well as the macro-financial assistance + instrument (“MFA+ instrument”) which creates the framework to provide the support to Ukraine, including the areas of support and the conditions for Ukraine to benefit from that support.

 

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