All EU members agree on approving 4-year Ukraine aid package – Ukrainian PM

Ukraine's Prime Minister Denys Shmyhal announces that all 27 EU members have agreed to support a €50 billion multi-year aid package for Ukraine.

Ukraine expects the EU to provide financial assistance at about the level of 2023. To cover the Ukrainian budget deficit, he said, it is important to attract about €18 billion from the European Union.

Shmyhal noted that the Biden's administration intends to provide Ukraine with $11.8 billion in budget support this year.

"We expect a positive decision of the US Congress on this issue in the near future."

Shmyhal emphasized that the parties are doing everything possible to make the relevant mechanism work this year in the US and other countries.

The EU Commission has proposed to increase the bloc's common budget by €66 billion to cover the costs of the next 4 years, part of which should be used to provide financial support to Ukraine in the amount of €50 billion.

On October 17 last year, the EU Parliament supported an initiative to create the Ukraine Fund, a new financial instrument for Ukraine worth up to €50 billion for the period from 2024 to 2027.

Hungarian PM Viktor Orban spoiled Kyiv's moment of celebration-and pleased the Kremlin-by vetoing a four-year, €50 billion financial aid package.

Hungary had previously said that it might lift its veto on the €50 billion aid package, provided that the funding is reviewed annually. The European Commission is ready to accept some of Budapest's demands.

The issue of aid to Ukraine will be discussed at a separate EU summit in early February.

To approve an agreement on a €50 billion aid package for Ukraine in 2024-2027, EU member states are considering depriving Hungary of its voting rights.