Parliament agrees to adapted €18 billion loan to Ukraine

(Credit: Unsplash)

This article is brought to you in association with the European Parliament.


On Wednesday, MEPs agreed to a modified regulation allowing the €18 billion support package to be transferred to Ukraine after Hungary had vetoed the original proposal.

Parliament accepted, through the so-called urgent procedure, the Council-proposed change in the Macrofinancial Assistance Plus regulation that allows the 26 member states to act as guarantors of the loan as an alternative to the EU budget.

The long-term loan, given on preferential terms but conditional on reforms, will cover essential public services, including running hospitals, schools and providing housing. It is also intended to help maintain macroeconomic stability and to rebuild infrastructure in Ukraine, which has been under constant attack by Russia.

For more information on the proposal read here.

Background

Parliament approved the loan to provide short-term financial relief to Ukraine on 24 November but Council could not find unanimous support for the two elements of the original proposal on 6 December. To facilitate the disbursement of the loan in January 2023, Council presented an amended version of the package on 10 December, to which Hungary consented and which Parliament deemed adopted.

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