EU: Agreement on €18 billion support package for Ukraine, with soft loans for 2023

EU finance ministers today agreed to go ahead with the €18 billion financial support package for Ukraine with soft loans for 2023. This was stated by Commission Vice-President responsible for the economy, Vladis Dombrovskis, during a press conference, shortly after the end of the Ecofin Council in Brussels.

V. Dombrovskis said that tomorrow the European Commission will present its relevant proposal for the financial support package for Ukraine which will reach up to 1.5 billion euros per month, or a total of 18 billion euros. “Our aim is to secure approval from the European Parliament and the Council before the end of the year. It is something that must be decided quickly, because Ukraine’s financial needs are urgent,” V. Dombrovskis emphasized. As for the 2022 funding of €9 billion, €2.5 billion is expected to be disbursed in Kyiv by the end of this month, the Commission vice-president said.

The Ecofin Council states specifically in its results:

“Ministers gave political direction on the way forward for a more structured solution for EU financial assistance to Ukraine in 2023. They overwhelmingly emphasized the urgency of this issue and advocated a framework that provides predictability and flexibility that would allow the Commission to mobilize resources through bonds within the agreed budget limits. The goal is to start monthly disbursements to Ukraine in January 2023.” It is also emphasized that the aim is to reach an agreement on these proposals at the Ecofin meeting in December.

It is noted, however, that Hungary has warned that it will not accept that the EU will receive a loan to financially support Ukraine. “We will work closely with the member states so that there is a positive decision,” said V. Dombrovskis.

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