European Commission proposes $18 billion aid package for Ukraine

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The European Commission announced that they are planning a $18 billion economic support package for Ukraine as the conflict with Russia intensifies. If the proposal is accepted by the European Union members, the package will be crucial in stabilising the Ukrainian economy through 2023. As per AFP, the money will be given to Ukraine in monthly payments of $1.5 billion and it will essentially be a 35-year loan which will include interest rates decided by the EU authorities.

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“We are presenting this new financial package for Ukraine at a time of acute needs for the country, as Russia’s relentless attacks continue to batter key infrastructure,” said commission Vice President Valdis Dombrovskis.  “Our financial assistance must be stable, structured and predictable.”

Till now, the EU has already sent over $4.2 billion to Ukraine in form of aid and according to the previous proposals, they will be paying another $2.5 billion by the end of 2022. However, the new proposal may cause a few debates among members worried about the global economic crisis.

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In the past few months, several EU member states have shown reluctance to increasing their funding to Ukraine and another loan may cause more rifts. However, the European Commission pledged their support towards the Ukrainian effort and will also be supported by the United States.

“We will ensure Ukraine emerges from this war as a prosperous country, on the path to European integration. We will stand by Ukraine for as long as it takes,” European Commission president Ursula von der Leyen said.

(With inputs from agencies)

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