EU promises €18 billion financial assistance to Kyiv

EU promises €18 billion financial assistance to Kyiv
EU promises €18 billion financial assistance to Kyiv. Image: DexonDee/

The European Commission has presented a new package of €18 billion to help Ukraine cover the cost of its government budget.

According to a report published in the Euro News on Wednesday, November 9, the money will be raised through capital markets and will be then sent to Kyiv in the form of a long-term loan.

This statement comes despite the previous failed attempts to negotiate a package worth €9 billion, which took place in May 2022 and remains stuck due to negotiations between member states. The report states that until now, only €3 billion have been sent to Kyiv as another payment of €2.5 billion expected by the end of this month. Following this another payment of €0.5 billion scheduled for next month.

Meanwhile, Valdis Dombrovskis, European Commission Executive Vice-President in a quote to Euro News emphasized the need for disbursing the package. ¨It would be much better to be able to disburse the whole package,” he said, adding, ¨we know that to finance this exceptional macro-financial assistance programme for this year, we need additional guarantees from the member state. He also said that there have been previous discussions with the member states, but no conclusion was reached regarding the full amount.

Despite numerous appeals from Kyiv, notably from President Volodymyr Zelenskyy, the original package, unveiled in May, remains deadlocked in discussions between member states, the report said.

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