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European Council allocates 18 billion euros to help Ukraine financially throughout 2023

The building of the MFA of Ukraine, adorned with Ukrainian and EU flags

The Council of the European Union reached an agreement on a legislative package that will enable the EU to help Ukraine financially throughout 2023 with €18 billion, according to the press releases of the European Council.

The proposal, which was adopted by the Council on 10 December via a written procedure, will be submitted to the European Parliament for its possible adoption next week. Hungary remains the only EU member state that opposes the decision to provide macro-financial help to Ukraine on behalf of the EU and insists that every EU country should provide financial support to Ukraine individually.

The 18-billion loan will have a 10-year grace period. Member states will cover the bulk of the interest costs via externally assigned revenues. The guarantees for that borrowing will be provided either by the EU budget or by member states.

The aim is to provide short-term financial relief, financing Ukraine’s immediate needs, rehabilitation of critical infrastructure, and initial support towards sustainable post-war reconstruction, with a view to supporting Ukraine on its path towards European integration.


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