The Parliament of the European Union at its session in Strasbourg on Wednesday, November 24, voted in favor of providing Ukraine with a package of macro-financial assistance totaling 18 billion euros during 2023. The resolution was adopted by 507 votes to 38, with 26 abstentions. The new aid package uses the European Union budget as a guarantee to raise funds for Kyiv and requires the unanimous support of the 27 EU member states.
A short-term financial assistance package will be provided to Ukraine for rehabilitation and as initial support for its post-war recovery on the path to EU integration.
Restoration of the destroyed by the war
Assistance is allocated for the restoration of critical functions and infrastructure destroyed as a result of Russian aggression, as well as for the needs of the population. This includes, in particular, critical infrastructure – power and water systems, transport networks, roads and bridges, medical facilities, schools and housing for displaced people.
“Ukraine is fighting for European values. The European Parliament and the European Union have demonstrated exceptional solidarity with Ukraine on the humanitarian, military and financial fronts. It is important that we have granted Ukraine the status of a candidate member of the EU,” said the Speaker of the European Parliament Roberta Metsola.
EU expects structural reforms from Ukraine
The European Union seeks to support the macro-financial stability of the Ukrainian state, as well as finance structural reforms, including strengthening Ukraine’s institutions, increasing transparency and efficiency of public administration at all levels. MEPs point to the need for anti-corruption and judicial reforms, respect for the rule of law, modernization of national and local institutions in Ukraine.
The EU Parliament also expects that with the help of these funds, the regulatory framework of Ukraine will be brought into line with the regulatory framework of the European Union in order to integrate Ukraine into the EU single market, as well as to strengthen its economic development and competitiveness.
EU aid provided in 2022
Since the beginning of the full-scale Russian invasion, the European Union and its member countries have provided Ukraine with 19.7 billion euros, most of which was macro-financial assistance.
The new package is to be approved unanimously by the EU Economic and Financial Council on 6 December.
Financial assistance in the form of long-term loans is provided in the amount of up to 18 billion euros for the period from January 1, 2023 to December 31, 2023, with the possibility of making payments until March 31, 2024.