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EP agrees to adapted €18 billion loan to Ukraine for 2023

#StandWithUkraine
December 14,2022 399
EP agrees to adapted €18 billion loan to Ukraine for 2023

The European Parliament approved Wednesday a modified regulation allowing the €18 billion support package for 2023 to be transferred to Ukraine after Hungary had vetoed the original proposal, according to an EP press release.

MEPs accepted, through the so-called urgent procedure, a change in the Macrofinancial Assistance Plus regulation, proposed by the EU Council, that allows the 26 member states to act as guarantors of the loan as an alternative to the EU budget.

“The long-term loan, given on preferential terms but conditional on reforms, will cover essential public services, including running hospitals, schools and providing housing. It is also intended to help maintain macroeconomic stability and to rebuild infrastructure in Ukraine, which has been under constant attack by Russia,” the press release reads.