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PM Shmyhal: all EU members to back €50 billion Ukraine fund

Slovakia pledged to support the package, Hungary is likely to stop blocking the EU decision.
Ukraine’s Prime Minister Denys Shmyhal. Photo: kmu.gov.ua

Ukraine’s Prime Minister Denys Shmyhal has stated that all 27 European Union member states have preliminarily agreed to support a €50 billion ($54.5 billion) four-year assistance program for Ukraine called the Ukraine Facility, according to the government’s official website.

Shmyhal expects the EU to be able to provide financial assistance in 2024 at roughly the same level as in 2023, covering the deficit in the Ukrainian budget. The funding program will allow Ukraine to get €12.5 billion every year in 2024-27, supporting macro-financial stability and contributing to Ukraine’s recovery and modernization in the course of its European integration.

The Ukrainian Prime Minister also stated that the Biden administration intends to provide $11.8 billion in budgetary support to Ukraine this year, calling a positive decision from Congress “coming soon.”

Notably, Hungary has not publicly rescinded its opposition to the €50 billion Ukraine Facility package. However, Bloomberg reported Hungary may drop objections to establishing a €5 billion annual defense aid fund for Ukraine. As per Finnish Foreign Minister Elina Valtonen, Budapest gave a “positive signal” indicating that it will no longer oppose the Ukraine funding.

Politico also said EU leaders are prepared to strip Hungary of its Council vote if they continue blocking Ukraine aid at the 1 February summit.

Meanwhile, Slovakia recently made a U-turn on its Ukraine stance and pledged not to join Hungary in blocking the assistance program.

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