At the summit in Brussels, the European Council decided to create a Ukrainian fund with financing in the amount of €50 billion for 2024-2027.
This is reported by the Ministry of Foreign Affairs of Ukraine.
"The Ministry of Foreign Affairs of Ukraine welcomes the achievement of a principled decision at the summit on the creation of the Ukraine Facility. This is a clear signal that the financial support of Ukraine from the European Union will continue," the message reads.
Completion of all necessary legal procedures will take place in January 2024, which will allow the appropriate financing to be obtained as soon as possible.
The money, among other things, will be directed to support macroeconomic stability, recovery and modernization of Ukraine, as well as acceleration of integration into the EU.
In addition, the Ministry of Foreign Affairs called for the approval of the new eighth tranche of aid within the framework of the European Peace Fund as soon as possible.
Due to Hungarian Prime Minister Orbánʼs veto, these funds will not be included in the EU budget, but the European Union has a backup plan, Bloomberg reports. It is expected that 26 member states will allocate €1.5 billion to Ukraine from next year.
History of financial support
On October 3, the European Parliament adopted a resolution supporting the European Commissionʼs proposals to revise the multi-year EU budget, which provides for the creation of a special Ukrainian fund in the amount of €50 billion. However, Hungary opposed this initiative.