Kyiv, 14 November 2022 (TDI): European Union (EU) has proposed a support package of €18 billion for Ukraine for the year 2023. This package will cover most of Ukraine’s financial needs for 2023.
The Ukrainian authorities and the International Monetary Fund (IMF) estimate the financial needs to be €3 to €4 billion per month.
The package will enable Ukraine to provide basic public services like hospitals, schools, and homes for displaced persons. As well as, it will also cover paying wages and pensions.
This package will also ensure macroeconomic stability in Ukraine. It will also help rebuild energy infrastructure, water systems, transportation networks, roads, and bridges, that were damaged by Russia in its assault.
These funds will be provided on the basis of concessional loans which must be returned over a maximum 35-year period from 2033.
Also read: KSA participates in the 13th Bosphorous Summit in Istanbul.
EU has also suggested the member states make additional targeted contributions to the EU budget to meet Ukraine’s interest rate expenditures.
To make sure that the package is delivered without a delay, the Commission has presented three legislative measures. The European Parliament and EU Member States in the Council will approve it before it becomes effective.
Background
Since the invasion of Russian forces in Ukraine, European Union has shown unity and support for Ukraine. It has provided €19.7 billion to support Ukraine, a large part of which comes in the form of macro-financial assistance (MFA).
The member states have also welcomed millions of refugees from Ukraine. Also, they have been granted access to jobs, education, housing, and healthcare across European Union.
Moreover, the European Commission along with the member states of the Energy Community has also been supporting the Ukrainian energy system.
In addition to trade facilitation, the European Commission is also providing military assistance to support Ukraine.
