Ukraine's MFA welcomes EU's €50 billion allocation, anticipating January
Minister of Foreign Affairs of Ukraine, Dmytro Kuleba (Photo: Getty Images)
Ukraine welcomes the European Council's pivotal decision on establishing the Ukrainian Fund amounting to 50 billion euros for the years 2024-2027, according to the press service of the Ministry of Foreign Affairs of Ukraine.
"The Ministry of Foreign Affairs of Ukraine welcomes the summit's achievement of a pivotal decision on the creation of the Ukrainian Fund (Ukraine Facility) totaling 50 billion euros for the years 2024-2027. This is a clear signal that the financial support for Ukraine from the European Union will continue," the statement says.
It is expected that the completion of all necessary legal procedures will take place in January 2024, allowing for the timely receipt of the corresponding funding.
"The 50 billion euros allocated by the EU to Ukraine will be directed, among other things, to support macroeconomic stability, recovery and modernization of our state, as well as to accelerate integration into the EU," the statement says.
Furthermore, the Ministry of Foreign Affairs urges the swift approval of the new eighth tranche of assistance within the European Peace Facility.
"We support the proposal of the European Council to expedite work on reforming the EPF and increasing its funding for the best possible satisfaction of Ukraine's military needs," the statement reads.
The department hopes for a swift agreement on the mechanism for using frozen Russian assets for the restoration of Ukraine, as well as their allocation to Ukraine's needs, particularly through the Ukraine Facility.
EU assistance to Ukraine
The European Commission proposed to allocate 50 billion euros to Ukraine over the next five years. This decision was to be adopted by all countries. However, Hungary's Prime Minister Viktor Orbán, who is closely associated with the Kremlin, vetoed it.
Earlier, Hungary threatened not to agree to allocate 50 billion euros to Ukraine. It also demanded that the EU unfreeze 30 billion euros intended for Budapest. The European Commission partially complied with the demand and unfroze 10 billion euros. To unfreeze the rest of Hungary's funds, certain conditions need to be met.
Additionally, EU leaders have reached a "broad agreement" on the budget under the multiannual financial program.
