Sunday, January 29

EU countries manage to unlock aid of 18,000 million to Ukraine

The countries of the European Union have reached an agreement this Saturday to unblock the package of 18,000 million euros of financial aid to Ukraine for next year, thus circumventing the veto that Hungary has maintained.

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“Ukraine can count on the EU. We will continue to support Ukraine, also financially, for as long as it takes. (…) Ukraine can count on financial support from the EU throughout 2023″, he confirmed in a statement of the Council of the EU, the institution that represents the countries. The loans “will have a 10-year grace period,” he adds.

The objective of the member countries of the European Union is “to provide short-term financial relief to finance the urgent needs of Ukraine, the rehabilitation of critical infrastructure and initial support for a sustainable post-war reconstruction, in order to support the country on its path towards European integration”, as detailed in the press release.

The Hungarian veto

The EU countries have thus found a solution that allows them to circumvent the veto of Hungary, which has kept aid to Ukraine blocked as a blackmail measure so that its European partners would give the green light to its recovery plan and not freeze the 7,500 millions of funds for his problem with the rule of law.

On Tuesday, December 6, the EU Economy and Finance Ministers were unable to close the agreement due to Budapest’s refusal. At the end of the meeting, the group announced that it would look for a “plan B” to approve the package.

The adoption of the new financial instrument announced this Saturday would allow both issuing debt backed by the European budget -for which it would need the support of Hungary- as well as resorting to national guarantees, which would empower them to make the decision without the approval of Viktor Orbán.