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All EU countries agreed on record financial aid to Ukraine: no veto from Hungary

Kseniya KapustynskaNews
Hahn says Hungary will not be able to block the decision to allocate 50 billion euros to Ukraine
Hahn says Hungary will not be able to block the decision to allocate 50 billion euros to Ukraine

EU countries have agreed on a record financial support package for Ukraine. It is about providing 50 billion euros until 2027.

This was stated by European Budget Commissioner Johannes Hahn at a briefing on November 30, Sky News reports. "The main thing is to support Ukraine. This is not disputed by anyone, not even the amount," he said.

Interestingly, earlier that day, the Hungarian government threatened to block financial aid to Ukraine. However, according to Hahn, no country has opposed the allocation of funds from the EU budget.

Earlier, the European Parliament gave its consent to the record amount of funding for Ukraine in advance. However, the final decision requires a resolution of the EU Council and, accordingly, the consensus of all member states. No such document has been officially published.

According to NOS, the Orban government, by threatening to block the decision on Ukraine, is seeking more than €20 billion in subsidies from the European Commission, to which Hungary believes it is entitled. Brussels refuses to pay this money because Hungary has problems with corruption and the rule of law.

50 billion euros of aid to Ukraine: what is known about the program

According to the European Commission's proposals, the record financial assistance for Ukraine will be provided for 4 years, i.e. until 2027. The money will be allocated both in the form of loans and non-refundable grants. However, the funds will be subject to reforms.

Against this background, the Cabinet of Ministers has already submitted a preliminary draft plan for the Ukraine Facility program to the European Commission. The final document should be ready in December 2023. The plan consists of the following blocks:

  • macroeconomic scenarios, including the development of quality recovery institutions;
  • basic reforms, such as public administration reform, public finance management, anti-corruption, and justice system reform;
  • economic reforms: improving the business climate, management of state assets, human capital development, and regional policy;
  • key sectors of the economy: energy, agriculture, logistics, IT, and manufacturing.

The European Commission will check compliance with the plan every three months. If Ukraine complies with the plan, the EU will disburse a tranche of aid, and if it does not, no funding will be provided.

Supporters of the plan believe that it will help bring financial support to Ukraine to a more stable and predictable level after a wave of criticism for the haphazard and sporadic provision of funds in 2022. In 2023, the EU approved a separate annual financing plan for Ukraine worth €18 billion.

As OBOZ.UA reported, the European Union is also preparing a plan to use frozen assets for the benefit of Ukraine. So far, it is not about confiscating and transferring money to Kyiv but about sending our country the profits from Russian financial instruments in Europe.

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