European Union parliamentarians have approved a four-year budget that will provide up to 50 billion euros for Ukraine to deal with the crisis caused by the war in Russia, the European Parliament announced in a statement on Tuesday.
Ukraine is getting closer to the European UnionPhoto: DreamsTime
The budget review was introduced to accommodate “the ongoing war against Ukraine and growing migration issues,” the statement quoted by CNN.
The EUR 50 billion will come in the form of direct budget support for Ukraine in the period 2024-2027, to support reforms, create a favorable investment climate and conditions for attracting private investors for Ukraine’s recovery.
Funding will be separate from funding for military assistance.
MEP Jan Olbrycht said of the revised budget: “Our aim was an ambitious but realistic proposal… and we have managed to keep it focused but comprehensive. We aim to stabilize Ukraine’s situation with a new EUR 50 billion facility, while strengthening the EU economy.”
At the same time, Ukraine is working to meet the European Union’s demands for reform as part of a path to EU membership, although analysts expect this to take at least several years.
According to Ukrainian Prime Minister Denis Shmyhal, Ukraine will work on a single document – a “roadmap for the reform plan until 2027”. (photo: DreamsTime)
