Vitaly Saenko21:11, 01/10/24

The European Commission previously proposed creating a Ukrainian fund totaling €50 billion over a four-year period.

The permanent representatives of the European Union member states took a step towards approving financial assistance for Ukraine for a four-year period – for 2024-2027. This is stated in a press release on the website of the EU Council.

In particular, EU member states’ ambassadors today approved a “partial negotiating mandate” for a proposal to create a new single dedicated instrument to support Ukraine’s recovery, reconstruction and modernization, while supporting its efforts to implement reforms on its path to EU accession.

In this regard, it is said that the creation of the Ukrainian Fund (Ukraine Facility) should combine EU budgetary support for Ukraine into a single instrument providing consistent, predictable and flexible support for the period 2024-2027.

However, the approved negotiating mandate does not include budget-related issues, especially regarding the total amount of funding and the share of grants and loans. This will depend on the final outcome of negotiations regarding the medium-term revision of the EU’s multiannual financial budget framework for the period 2021-2027.

At the same time, the European Commission previously proposed that the total budget of the Ukraine Fund be 50 billion euros – 17 billion euros for grants and 33 billion euros for loans.

It is also said that as part of the next steps, negotiations should take place between the Council of the EU and the European Parliament. Once an agreement is reached, this agreement in the form of regulations must be officially approved at a meeting of the EU Council and in the European Parliament.

As Radio Liberty journalist Rikard Jozwiak reports on the X network, Hungary did not block today’s decision. The final decision on the creation of the Ukrainian Fund should be approved on February 1 at the EU summit.

(C)UNIAN 2024