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EU Commission on €50 billion for Ukraine: Crucial to reach agreement by year's end

EU Commission on €50 billion for Ukraine: Crucial to reach agreement by year's end An agreement on a €50 billion package for Ukraine must be reached by the end of 2023 (Getty Images)
Author: Liliana Oleniak

An agreement to provide Ukraine with EUR 50 billion in loans and grants for the next four years should be reached by the end of 2023. In this case, Kyiv will be able to continue receiving aid from the EU from the beginning of 2024, says Ana Pizonero, a representative of the European Commission.

"It is crucial to reach an agreement by the end of the year to ensure that Ukraine can continue to receive our support from beginning of the next year," she emphasizes.

She recalls that EU leaders have repeatedly said that the EU will continue to provide "strong financial, economic, military and diplomatic support to Ukraine and its people, as long as it is needed."

"This is part of the MFF review, the European Commission has proposed a new facility of up to 50 billion euros both in grants and loans and this is obviously to continue providing predictable financial support to Ukraine for the period 2024-2027," she says.

Pizonero added that the goal of such a fund is clear - to help Ukraine overcome the socio-economic and ecological consequences of the war and to contribute to the restoration and modernization of Ukraine.

Why is it important to approve the allocation of 50 billion euros by the end of 2023?

In June, the European Commission proposed to create a special mechanism for Ukraine, according to which grants and loans in the amount of up to 50 billion euros will be provided for the period until 2027. It should replace the current EU support to Ukraine through the Macroeconomic Financial Assistance Program. The program expires at the end of 2023.

Note that according to the Financial Times, Ukraine may still not receive 50 billion euros from the EU countries due to some disagreements within the union. More details - in the report.