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Partial agreement reached in Brussels to provide Ukraine with €50 billion in financial aid

On January 10, 2024, during a meeting in Brussels, ambassadors of the European Union member states reached a partial agreement, which opened the way to approving a €50 billion financial aid package for Ukraine for the next four years.

The announcement was made by the Council of the EU.

The European Commission proposed to divide the financial package into €17 billion in grants and €33 billion in loans for the Ukraine Facility. This initiative is intended to support Ukraine's recovery, reconstruction, and modernization.

Rikard Jozwiak, Europe Editor at Radio Free Europe / Radio Liberty, also confirmed this information.

Quote"EU ambassadors gave a partial green light today to start negotiations with the EP on the 50 billion aid package for Ukraine. Full green light now likely at EU summit on February 1. Hungary so far is not blocking," the post says.

The Council of the EU said that the Ukraine Facility would thus pool the EU’s budget support to Ukraine into one single instrument, providing coherent, predictable, as well as flexible support for the period 2024–2027 to Ukraine, adapted to the unprecedented challenges of supporting a country at war.

Once an agreement is reached, the regulation will need to be formally adopted by the Council and the European Parliament.

The Page earlier reported that the EU intended to allocate funds for aid to Ukraine by the end of March 2024. EU leaders plan to hold a summit on February 1 to agree on the bloc’s budget and approve a €50 billion aid package to Ukraine for the next four years.

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