EU approves additional 54 billion US Dollars aid package for Ukraine

• All 27 European Union countries have reached a consensus on an additional 54 billion US Dollars aid package for Ukraine, overcoming potential vetoes, notably from Hungary. European Council (EC) President Charles Michel announced the breakthrough after a special summit of EU leaders in Brussels. The approved aid package is seen as a commitment to providing long-term funding for Ukraine. EC President Michel emphasized that this decision reflects the EU's leadership and responsibility in supporting Ukraine. This will ensure funding for the next four years. The first tranche of  4.9 billion US Dollars from the EU facility is expected to reach Ukraine in March.
• Ukraine's President, Volodymyr Zelenskyy expressed gratitude for the unanimous approval, emphasising the strengthened long-term economic and financial stability for Ukraine as it deals with the ongoing conflict with Russia. He said that it is very important that the decision was made by all 27 leaders, which once again proves strong EU unity.
• The urgency for financial support from Western countries has intensified for Ukraine, given recent political delays in both US and EU aid, bolstering Russian confidence amidst the prolonged conflict, as Ukraine's war with Russia approaches its third year. The EU's united front in approving this aid package aims to send a message of solidarity, especially considering the challenges posed by the upcoming US elections and the ongoing uncertainty in the geopolitical landscape.

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Published date : 02 Feb 2024 05:03PM