The Strategist

FT: EU plans to provide financial assistance to Ukraine until 2027

06/02/2023 - 06:43

According to the Financial Times, which cites EU officials and diplomats, the European Commission is creating a new plan of financial aid to Ukraine worth "tens of billions of euros" that will last until 2027. It is anticipated that the four-year plan's provisions would be completed by the time of the conference on the reconstruction of Ukraine, which will be held in London on June 21–22.

Dietmar Rabich
Dietmar Rabich
The publication claims that criticism of the EU's "haphazard and unpredictable financial support to Kiev" led to the European Commission's new strategy for giving Ukraine financial aid. The strategy will provide the Ukrainian side the confidence in the money it needs, according to the FT. Supporters of the proposal also hope that it will persuade the United States and the United Kingdom to make comparable long-term commitments.

Every EU member state must consent to the plan. The article points out that it will be challenging to accomplish because Hungary has already halted earlier rounds of negotiations on financing Ukraine. If a new funding plan is approved, the funds might be used to assist Ukraine in rebuilding its infrastructure, which the World Bank estimates sustained $411 billion in damage between February 24, 2022, and February 24, 2023.

"Ukraine has significant needs and requires additional assistance. There is a strong desire to help the country, but it will be a difficult battle," according to one source acquainted with the plan's deliberations.



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