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Why the EU has finally approved €50 billion funding for Ukraine
The €50 billion EU aid will help Ukraine cope with the economic and social challenges caused by the ongoing war with Russia.
Ukraine's President Volodymyr Zelensky walks with European Commission President Ursula von der Leyen to a joint press conference in Kyiv on Tuesday. (Valentyn Ogirenko/Reuters)
In a move welcomed by officials and citizens alike, all 27 leaders of the European Union including Hungary have given the green light to a substantial €50 billion funding package for Ukraine. This significant financial injection marks a pivotal moment for the country, offering a beacon of hope amidst ongoing challenges and geopolitical tensions with Russia.
The approval was confirmed by the European Commission President Charles Michel who posted online that the “EU is taking leadership and responsibility in support for Ukraine. We know what is at stake.”
Benefits of the aid
At a time when Ukraine faces myriad economic and security pressures, this funding comes as a lifeline, providing much-needed resources to address pressing needs and propel the country forward on its path to stability and prosperity.
Ukraine is expected to receive the funding from 2024 to 2027. That is €33 billion “in the form of loans” and €17 billion in “non-repayable support” that could be “generated from frozen Russian assets”.
The EU’s €50bn support package for Ukraine is a positive and timely development, as it will help Ukraine overcome its economic and humanitarian challenges, and also strengthen its resilience and security.
It is also a clear demonstration of the EU’s solidarity and support for Ukraine, as it faces aggression and pressure from Russia.
Opposition from Hungary
The biggest hurdle the EU leaders had to overcome was opposition from Hungarian Prime Minister Viktor Orban back in December. Viktor Orban strongly opposed the EU’s move to fund Ukraine’s war with Russia.
Although the minister’s reasons or needs were unclear, the other 26 EU leaders sought to assist Ukraine in one way or the other without Hungary.
The absence of an agreement on Thursday would have dealt a significant blow to Ukraine, particularly as its undermanned and underequipped forces face challenges on the battlefield amid a resurgent Russian assault.
Compounding these difficulties, military assistance from the United States has dwindled amidst ongoing debates in Washington regarding future funding for Kyiv.
