EU’s €18 bn isn’t enough for Ukraine – Czech finance minister

The European Union sent Ukraine the first €3 billion from a loan package of €18 billion, but some EU member states are already stressing that this amount will not be enough.

Czech Finance Minister Zbyněk Stanjura said this after the meeting of EU finance ministers on January 17, Euractiv reports.

The Czech official believes that the agreed amount will probably not be enough.

"When you see today and every day the brutal attacks by the russian army, the more and more damage they are doing to Ukraine's infrastructure, but also to residential areas, I assume that the need for this money will be even higher than we thought in November or December," said Stanjura.

The Czech minister emphasized that support for Ukraine was a priority for the Czech government.

The €18 billion aid package for Ukraine was approved in December 2022 after complex negotiations. According to the adopted regulation, the EU can provide Ukraine with a monthly financial loan.

The Czech Republic agreed on an aid package for Ukraine during its EU Council presidency in the second half of 2022. The only country that actively blocked this support was Hungary.

For the EU to be able to afford assistance to Ukraine, it was necessary to borrow money and provide guarantees.

According to Stanjura, the discussion among the ministers regarding further assistance to Ukraine was "brief."

"I am convinced that many countries have the same view as the Czech Republic. I think it is a majority of countries," he added.

As Rubryka reported, on January 17, Ukraine received the first tranche of the EU's macro-financial assistance for 2023 for €3 billion out of €18 billion. The European Commission announced this on January 17.