The EU will provide 18,000 million in aid to Ukraine, but economic support is showing signs of wear and tear

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Hungary rejects Kiev macro-financial aid package, endangering community disbursement

The European Commission this Wednesday presented a new macro-financial aid package of EUR 18,000 million for Ukraine. European sources insist that this new disbursement, expected to arrive in Kiev in January, is a “new signal” of EU support to the country, but the margin to retain financial aid is narrowing. At the same time, discontent among the Twenty-seven grows as the possibility of an economic downturn becomes more real. Hungary has already announced that it will reject the Brussels proposal, which must be unanimously approved by the twenty-seven.

The new European aid package aims to help Kiev meet its most pressing economic needs – the maintenance of public services, civil servant salaries, pensions… – through loans. Its disbursement depends on reforms to strengthen the rule of law and fight corruption in the country and would lead to new debt issues guaranteed by the EU budget.

The initiative must now be discussed among member states, some of which have already shown their unwillingness to this plan. Hungary has already announced that it will not support the proposal – which must be supported by all European countries – and that it will support Ukraine on its own.

Nine months after the start of the Russian invasion, voices are growing to open Ukraine to dialogue with Moscow. European economies fear the conflict will drag on, in a context of energy crisis and skyrocketing inflation. For its part, the European Commission hopes that the initiative will finally gain the support of the Twenty-seven: “There is reluctance, but we hope they will be overcome,” said Budget Commissioner Johannes Hanh.

Source: La Verdad

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