EU News
Printable version

Parliament approves €18 billion loan for Ukraine for 2023

On Thursday, MEPs approved an €18 billion loan to support Ukraine during Russia’s war against the country.

The €18 billion will cover roughly half of the estimated €3-4 billion monthly funding 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, according to the Commission’s proposal. 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 regulation was adopted with 507 votes to 38 and 26 abstentions.

Click here for the full press release

 

Original article link: https://www.europarl.europa.eu/news/en/press-room/20221118IPR55713/parliament-approves-EU18-billion-loan-for-ukraine-for-2023

Share this article

Latest News from
EU News

If you think compliance is hard, try non-compliance