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EU Already Provided EUR 20 Billion In Aid To Ukraine Since February - European Commission Vice President

EU Already Provided EUR 20 Billion In Aid To Ukraine Since February - European Commission Vice President

Russia, war, Ukraine, EU, EU Council, war with Russia, Russia's war against Ukraine, aid to Ukraine
HELP UKRAINIAN NEWS

Since the start of Russia's full-scale invasion of Ukraine in February, the European Union, its member states and European institutions have provided EUR 19.7 billion to support Ukraine's economic, social and financial stability.

Executive Vice President of the European Commission Valdis Dombrovskis announced this at a press conference on November 9, Ukrainian News Agency reports.

"Since February, the EU, its member states and European institutions have provided EUR 19.7 billion to support the economic, social and financial stability of Ukraine. Military aid is added to this sum," he said.

He noted that according to the estimates of the International Monetary Fund, the Ukrainian economy will shrink by 35% in real terms by the end of 2022, and inflation will reach 30%.

The Vice President also added that Europe will continue to do everything possible to support Ukraine and its people, and emphasized that for the future Ukraine "made it clear that our aid should be as stable and predictable as possible."

That is why, according to Dombrovskis, the European Commission proposes to create a new instrument called "Macro-financial assistance plus" (MFA+) to direct EU funding to Ukraine, which will consist of long-term loans on favorable terms in the amount of up to EUR 18 billion.

"They will have a ten-year grace period with a maximum repayment period of up to 35 years," he said.

At the same time, the costs related to interest will be covered by the EU member states.

As MFA+ will require support from the EU budget, the commission envisages making targeted changes to the legislation.

As Ukrainian News Agency earlier reported, on November 9, the European Commission presented a proposal to provide Ukraine with a package of macro-financial assistance in the amount of EUR 18 billion in 2023. Denys Shmyhal noted that this amount will be able to cover a significant part of Ukraine's national debt.



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