Ursula von der Leyen, president of the European Union, has announced a support package of €18 Billion to restore infrastructure, and energy sources, paying salary and pensions and vital military aid. The process of implementation is underway and expected to get finalized by 2023.
She also stated that regular funding would help with short-term recovery and strengthening institutions. “Creating conditions for reconstruction, Ukraine is advancing on the way to the EU”.
The financial support of €18 billion is to be given in €1.5 billion per month in the form of a 35-year loan. The bloc will manage the interest payments. Von Der emphasizes that the EU persists in standing in solidarity with Ukraine.
The recently announced support package for Ukraine scheduled for 2023 will assist Ukraine people’s salaries and pensions, restoring energy, water, and other infrastructure Russia destroyed with numerous winter attacks.
In terms of macro-financial aid, the EU has already given Ukraine €4.2 billion this year and will provide another €2.5 billion by the end of this month. These monies will aid in covering a sizable chunk of the $38 billion budget deficit.
On December 15–16, EU leaders will gather for their regular summit to review this year’s initiatives and discuss the bloc’s continued assistance for Ukraine.
Denys Shymhal, Prime Minister of Ukraine, thanked Ursula von der Leyen and the EU commission for aiding Ukraine through their Twitter account. He wrote, ” I am grateful to the EU Commission for the timely decision on the €18 billion macro-financial assistance package.
He added that such support would further strengthen the foundation of our future and lead our country to victory. With continuous military aid from NATO allies and USA, the Ukrainian army has liberated many Russian-occupied regions since the counteroffensive was launched on July 27.
In order to end the war and uphold peace and sovereignty throughout the world, Shmyhal urged the EU and the USA to continue supplying arms and other essential supplies.