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EU Parliament approves €18 billion aid to Ukraine – DW – 24/11/2022

The Parliament of the European Union, during its session in Strasbourg on Wednesday 24 November, voted to provide a package of macro-financial assistance to Ukraine totaling €18 billion in 2023. The resolution was adopted by 507 votes in favour, 38 against and 26 abstentions. New assistance package provides for the spending of the budget European Union as a guarantee of fundraising for Kiev and requires the unanimous support of 27 EU Member States.

Ukraine will receive a short-term package of financial assistance for rehabilitation and initial support for its post-war recovery on the road to EU integration.

Restoration of the destroyed by the war

Help is assigned to restoration of vital functions and infrastructure, destroyed as a result of Russian aggressionbut also for the needs of the population. These are in particular critical infrastructure – energy and water supply systems, transport networks, roads and bridges, medical facilities, schools and housing for displaced persons.

“Ukraine fights for European values. The European Parliament and the European Union have shown that exceptional solidarity with Ukraine on a humanitarian, military and financial level. It is important that we have granted Ukraine candidate status to the EU,” said European Parliament President Roberta Metsola.

EU expects structural reforms from Ukraine

The European Union aims to support the macro-financial stability of the Ukrainian state and finance structural reforms, including strengthening Ukrainian institutions, increasing the transparency and efficiency of public administration at all levels. MEPs point out the need anti-corruption and judicial reformrespect for the rule of law, modernization of national and local institutions in Ukraine.

The EU Parliament also expects that with the help of these funds, Ukraine’s regulatory framework will be brought into line with the European Union’s regulatory framework in order to integrate Ukraine into the EU internal market and to strengthen its economic development and competitiveness.

EU support provided in 2022

Since the start of the large-scale Russian invasion, the European Union and its member states have provided Ukraine with €19.7 billion, most of which was macro-financial assistance.

The new package must be unanimously approved by the EU’s Economic and Financial Council on 6 December.

For the period from 1 January 2023 to 31 December 2023, financial support will be provided in the form of long-term loans for an amount of up to EUR 18 billion, with the possibility to make payments until 31 March 2024.

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By Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org