The EU finally approved a four-year plan with €50 billion for Ukraine

The EU finally approved a four-year plan with €50 billion for Ukraine. Photo: Euroreporter

The Council of the European Union approved the medium-term review of the budget until 2027, which also provides for the establishment of the Ukraine Facility, a four-year aid plan worth 50 billion euros.

This is reported by the Council of the European Union (EU).

«Today, the Council adopted three legislative acts related to the review of the EU's multiannual financial framework for 2021-2027, giving final approval to the package aimed at purposefully strengthening the EU's long-term budget and addressing new issues, challenges such as the consequences of Russia's war of aggression against Ukraine», the text of the statement reads.

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The package includes provisions on amendments to the multi-year financial framework for 2021-2027, as well as provisions on the creation of the Fund for Ukraine.

The first funds should arrive already in March.

Notes:

Ukraine Facility is a unique tool for supporting the economic development and recovery of Ukraine on its way to join the EU. The instrument will provide unprecedented predictable support based on jointly agreed plans and priorities by the Government of Ukraine and the European Commission.

We will remind you that on Tuesday, February 27, the European Parliament voted to allocate 50 billion euros of aid to Ukraine.

Before the vote, at the summit in Brussels, all 27 member states of the European Union agreed on a support package for Ukraine in the amount of 50 billion euros.

The main topic of the summit in Brussels on February 1 was an attempt to reach an agreement on a package of financial assistance to Ukraine worth 50 billion euros for four years, which was blocked by Hungary at the previous summit in December.

The Prime Minister of Hungary, Viktor Orbán, has already stated that he is ready to approve the package, but on the condition that it will be reviewed every year and approved unanimously.

As you know, the leaders of the European Union proposed holding an annual debate on the planned aid package for Ukraine in the amount of 50 billion euros in an attempt to overcome the resistance from Hungary.