EU Grants Ukraine €4.5B Aid, But Needs Remain High
The European Commission will transfer an initial €4.5 billion to Ukraine in March as part of a larger €50 billion aid package extending through 2027.
The announcement was made by European Commission President Ursula von der Leyen during a meeting with Ukrainian Prime Minister Denis Shmyhal, according to the EFE news agency.
This aid, however, falls short of Ukraine's wartime financing needs. The International Monetary Fund (IMF) estimates Ukraine requires $37.3 billion this year alone to maintain financial stability.
Meanwhile, a new $61.4 billion financial assistance package for Ukraine, requested by President Joe Biden, remains stalled in the US Congress due to Republican opposition.
Good meeting with @Denys_Shmyhal
— Ursula von der Leyen (@vonderleyen) February 24, 2024
We discussed next steps on the €50 billion Ukraine Facility.
The 1st payment of €4.5 bn will come in March.
We discussed how to deal with Ukrainian exports and tackle issues at the land border.
And our joint work on the defence industry. pic.twitter.com/qZeWjHQIyu
The two leaders discussed further development of Ukraine's military industry and ways to bolster Ukrainian exports. These exports currently receive preferential access to the EU market through the elimination of customs duties, a measure designed to support Ukraine's economy.
Von der Leyen also indicated in a Twitter message that she addressed concerns regarding farmer protests at the Polish border with Prime Minister Shmyhal.
The European Commission President visited Kyiv on February 24th, to commemorate two years since the start of Russia's war against Ukraine and to reaffirm support for the Ukrainian people.
Translation by Iurie Tataru
