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€50 billion until 2027 not enough for Ukraine, says EU lawmaker

€50 billion until 2027 not enough for Ukraine, says EU lawmaker Photo: European Parliament believes that 50 billion euros from the EU are not enough for Ukraine (Getty Images)

The recently agreed aid to Ukraine from the European Union in the amount of 50 billion euros is insufficient, says the chairman of the budget committee of the European Parliament, Johan Van Overtveldt.

According to him, it will not cover the country's needs until 2027. Overtveldt said that the assessment of Ukraine's non-military needs is 3 billion euros per month. Thus, the country needs 36 billion euros annually.

But, as Van Overtveldt noted, the European Union had allocated 50 billion euros for Ukraine in the period from 2024 to 2027.

"Hence, 12.5bn euro will on average be available for Ukraine each year. The deal between the EU and the United States was that each would take care of half of the Ukrainian needs, meaning 18 bn euro for the EU and the US each. The Ukraine Facility (a program within the framework of which Ukraine will receive 50 billion euros - ed.) will hence be annually at least 5.5 bn euro short of what the EU’s commitment was. Over the entire period 2024-27 the shortfall is 22 bn euro," explained the head of the budget committee of the European Parliament.

At the same time, he clarified that for the entire period until 2027, the deficit will amount to 22 billion euros.

50 billion euros for Ukraine

On February 1, during the summit, the leaders of the European Union countries supported the initiative to allocate 50 billion euros of financial aid to Ukraine by 2027.

This was done despite the scandalous position of Hungary, which initially wanted to impose a veto.

Ukraine expects to receive the first tranche of 4.5 billion euros from the European Union as early as March, stated First Vice Prime Minister, Minister of Economy Yulia Svyrydenko.