The latest update on the financial aid for Ukraine comes in the form of a substantial package from the European Union. A massive sum of 50 billion euros has been earmarked for Ukraine, which is a significant breakthrough, especially since the deal was impeded by Hungary’s blockade until last week. The negotiators for the European Parliament and EU states reached an agreement on this package on Tuesday night.
The substantial amount will be channeled towards various initiatives by the end of 2027. The EU aims to use these funds for the reconstruction process in the aftermath of the Russian war of aggression. In addition, the funds are also expected to help streamline and implement crucial reforms.
Upon further breakdown of the package, the EU countries have revealed that 33 billion euros will be provided as loans, while the remaining amount will be distributed as grants. The decision to finalize this aid program was initially scheduled to take place during a regular EU summit in December.
Delay in agreement on the aid package by EU countries
However, the decision was delayed due to the intervention of the Hungarian Prime Minister, Viktor Orban. He used his veto power to stall the agreement, raising questions about the effectiveness and relevance of the plans.
Orban had previously expressed his dissatisfaction over the EU’s decision to freeze funds, which were allocated from the Community budget for his country. His blockade was finally lifted during a special summit held last week.
Now, the final approval for this project lies in the hands of the European Parliament and EU states. However, this is largely considered a formality, and the project is expected to proceed without any further obstacles.
