European Union parliamentarians approved a four-year budget that provides up to 50 billion euros for Ukraine to overcome the crisis caused by the war in Russia, the European Parliament said in a statement on Tuesday.
The budget overhaul was implemented to take into account “the ongoing war against Ukraine and growing migration challenges,” according to a statement cited by CNN.
50 billion euros will come in the form of direct budget support to Ukraine in the period 2024-2027 to support reforms, create a favorable investment climate and conditions for attracting private investors to restore Ukraine.
Funding will be separate from military aid funding.
MEP Jan Olbricht said of the revised budget: “Our aim was an ambitious but realistic proposal… and we have managed to keep it focused but comprehensive. We aim to stabilize the situation in Ukraine with the help of a new loan worth 50 billion euros, while strengthening the EU economy.”
At the same time, Ukraine is working to meet the European Union’s demands for reforms as part of its path to EU membership, although analysts expect that to take at least several years.
According to the Prime Minister of Ukraine Denys Shmygal, Ukraine will work on a single document – “a road map of the reform plan until 2027”. (photo: DreamsTime)
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Source: Hot News
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