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December
11 2022

Council adopts €18 billion assistance to Ukraine

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The Council reached agreement on a legislative package which will enable the EU to help Ukraine financially throughout 2023 with €18 billion. The proposal was adopted by the Council today via a written procedure and it will be submitted to the European Parliament for its possible adoption next week.

Ukraine can count on the EU. We will continue to support Ukraine, also financially, for as long as it takes. The legislation which we adopted today means that Ukraine can count on regular financial help from the EU throughout 2023. Zbyněk Stanjura, Minister of Finance of Czechia

The package provides for a structural solution to financially support Ukraine in 2023. The amount to be lent to Ukraine in 2023 will be €18 billion, and the loans will have a 10-year grace period. Member states will cover the bulk of the interest costs via external 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.

A part of the legislative package, an amendment to the financial regulation, had already been adopted by the Council in Ecofin formation on 6 December.

Background

Russia’s unprovoked and unjustified war of aggression against Ukraine since 24 February 2022 has caused Ukraine a loss of market access and a drastic drop in public revenues, while public expenditure to address the humanitarian situation and to maintain the continuity of state services has increased markedly.

Among other support instruments, between 2014 and 2022 the EU supported Ukraine through several consecutive macro-financial assistance (MFA) operations that exceeded €7 billion of loans and grants.

The EU-Ukraine Association Agreement, which entered into force on 1 September 2017, brings Ukraine and the EU closer together. In addition to promoting deeper political ties, stronger economic links and the respect for common values, the agreement has provided a framework for pursuing an ambitious reform agenda, focused on the fight against corruption, an independent judicial system, the rule of law, and a better business climate. The EU has shown continuous support for these reforms, which are crucial for attracting investments, boosting productivity and lifting the standards of living in the medium term.


Source by Redazione


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