European Commission officially proposes an EUR 18 billion support package for Ukraine

The European Commission has proposed a macro financial support package for Ukraine in the amount of EUR 18 billion next year, informed Prime Minister Denys Shmyhal on Telegram.

“It is a very important initiative that will support the economic stability of our country and strengthen the foundation of our future victory. The funds will help cover a large part of the budget deficit, which will amount to $38 billion. We are grateful to Ursula von der Leyen for leadership and also to Valdis Dombrovskis and the Government of the Czech Republic for advocating for this initiative in the EU. We hope the package will be approved by the European Parliament and the EU Council,” wrote Shmyhal.

The press service of the European Commission informed that this regular financial assistance – averaging €1.5 billion per month – will help cover a significant part of Ukraine’s short-term funding needs for 2023.

“Thanks to this package, Ukraine will be able to keep on paying wages and pensions and maintain essential public services running, such as hospitals, schools, and housing for relocated people. It will also allow Ukraine to ensure macroeconomic stability, and restore critical infrastructure destroyed by Russia in its war of aggression, such as energy infrastructure, water systems, transport networks, roads and bridges,” stated the European commission.

Earlier, it was reported that Hungary was not planning to contribute to the joint financial support package to Ukraine for the entire 2023 in the amount of up to $18 billion. The country’s foreign minister Peter Szijjarto stated that the government maintains this position, because Budapest has allegedly already provided significant financial support to our country under similar initiatives.

ZN.UA