Today, the European Parliament approved an €18 billion loan, earlier proposed by the European Commission, to support Ukraine during Russia’s war against the country.
This funding will cover roughly half of the estimated €3-4 billion monthly funding that Ukraine needs in 2023. The money will go to supporting essential public services – such as running hospitals, schools, and providing housing for relocated people, macroeconomic stability and the restoration of critical infrastructure destroyed by Russia.
Sourced by the EU from financial markets, the loan will be disbursed in quarterly instalments, with a continuity and predictability that is essential to keep Ukraine afloat amid the war.
The loan is conditional for Ukraine. It requires reforms to strengthen the country’s institutions and prepare it both for reconstruction and its path towards EU membership. Reviewed by the Commission before each instalment, the conditions include measures for anti-corruption, judicial reform, respect of the rule of law, good governance, and modernisation institutions.
The loan now has to be approved by unanimity in the EU Economic and Financial Affairs Council on 6 December before the Commission can tap the markets and disburse the support in early 2023.
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