Historic Decision: EU Summit Approves €50 Billion Ukrainian Fund
Date: 2023-12-15 Author: Dima Zakharov Categories: POLICY
EU Summit Decision
The recent EU summit has sparked a significant breakthrough for Ukraine's future. The Ministry of Foreign Affairs hails the historic decision by the European Council, greenlighting negotiations for Ukraine's entry into the European Union. This milestone also includes the creation of the Ukrainian Fund, a colossal €50 billion investment slated for the years 2024 to 2027.
Minister's Optimism
Minister Dmytro Kuleba emphasized that Ukraine's EU membership signifies not just the nation's prosperity but also guarantees the security and progress of the entire continent. He reiterated Ukraine's steadfast dedication to the path leading to the European Union.
Gratitude and Expectations
Expressing gratitude to Ukraine's partners pivotal in securing this critical decision, the Ministry eagerly anticipates the European Commission's swift initiation of negotiation mandates and the analytical assessment of Ukrainian laws.
Financial Support and Objectives
The €50 billion pledged by the EU aims to bolster Ukraine's macroeconomic stability, aid in its reconstruction and modernization, and expedite its integration within the EU. This financial backing signifies a resolute commitment to Ukraine's growth and stability.
Sanctions and Collaborative Efforts
Highlighting the EU's alignment on the 12th package of sanctions against Russia, the Ministry stressed Ukraine's collaborative efforts with partners in formulating these sanctions, aiming to close loopholes and curtail further funding to Russia's military endeavors.
Continued Support
The Ministry commended the EU and its member states for their commitment to fulfill Ukraine's urgent military and defense requirements. The European Peace Facility (EPF), the EU Military Assistance Mission, and bilateral aid commitments were acknowledged as crucial support mechanisms.
Hopes for Future Progress
The Ministry expressed hope for the expedited approval of the EU's eighth tranche of aid through the European Peace Facility, supporting the European Council's proposal to streamline EPF reforms and augment its funding for enhanced fulfillment of Ukraine's military needs.
Utilization of Assets and Support
Anticipating rapid consensus on the utilization of Russian frozen assets for Ukraine's reconstruction, the Ministry emphasized the redirection of these resources towards Ukraine's needs, particularly via the Ukraine Facility.
Support from Hungary
Hungarian Prime Minister Viktor Orban pledged support for the EU's allocation of €50 billion to Ukraine, contingent upon Budapest's receipt of frozen funds from the European Commission.
The decisions made at the EU summit mark a pivotal moment for Ukraine's future, signaling a firm commitment to its development, integration, and security within the European Union.
