EU Summit Approves €50 Billion Aid Package for Ukraine

by Roman Cheplyk
Thursday, February 1, 2024
EU Summit Approves €50 Billion Aid Package for Ukraine

On February 1, the European Union leaders, during their summit, unanimously agreed to provide Ukraine with a substantial aid package amounting to €50 billion as part of the Ukraine Facility program

Charles Michel, the Chairman of the European Council, confirmed this significant financial commitment on Twitter, highlighting the EU's leadership and responsibility in supporting Ukraine amidst its ongoing struggle for sovereignty and democratic integrity.

Ukrainian and EU Leaders React Positively

The announcement received immediate gratitude from Ukrainian officials. Prime Minister Denys Shmyhal expressed his appreciation to Charles Michel and the leaders of the EU member states, emphasizing the critical contribution of this decision to Ukraine's victory. President Volodymyr Zelensky also thanked the EU leaders, underscoring the importance of continued financial support alongside military aid and sanctions against Russia.

Latvian Prime Minister Evika Silinia and European Commission President Ursula von der Leyen also shared their positive reactions. Silinia highlighted the decision's significance for the security of Latvia and Europe, while von der Leyen celebrated the European Council's fulfillment of its priorities, including supporting Ukraine.

Background and Implications of the Aid Package

The decision comes after a delay caused by Hungary's veto in December 2023, which prevented the allocation of the funds. The EU leaders found a workaround by proposing annual debates on the aid package, potentially circumventing future vetoes by Hungary. The Ukraine Facility program aims to support Ukraine's macro-financial stability, recovery, modernization, and key reforms on its path to EU accession.

This landmark funding initiative underscores the EU's unwavering support for Ukraine, promising to cover a significant portion of the country's financing needs through 2027. It also signals the EU's commitment to assisting Ukraine in transitioning to a green, digital, and inclusive economy aligned with EU standards.

You will be interested