€18 billion in 2023 for Ukraine: European Parliament approved financial assistance

After Hungary vetoed the initial proposal for financial aid to Ukraine, MEPs approved a regulation allowing the transfer of the 18 billion euro support package.

This is discussed in the statement of the European Parliament, the EP writes.

It is noted that the parliament adopted, under the so-called urgent procedure, the change proposed by the Council of the EU in the regulation of macro-financial assistance plus, which allows 26 member states to act as loan guarantors as an alternative to the budget of the European Union.

The long-term loan, granted on concessional terms but subject to reforms, will cover essential public services, including hospitals, schools, and housing.

"It is also designed to help preserve macroeconomic stability and restore infrastructure in Ukraine, which is under constant attacks from russia," the statement emphasized.

We will remind that on November 9, the European Commission proposed a support package for Ukraine in the amount of up to 18 billion euros for 2023. This assistance will be provided in the form of soft loans, which will be paid in regular installments starting in January 2023.

On December 13, EU ambassadors unanimously approved the decision to provide Ukraine with 18 billion euros of macro-financial assistance. However, Hungary, which blocked this decision, had to make concessions.