European Union overcomes threat of Hungary veto to seal $54 billion aid package for Ukraine
Last edited Thu Feb 1, 2024, 05:08 PM - Edit history (1)
Source: AP
Updated 3:57 PM EST, February 1, 2024
BRUSSELS (AP) — Leaders of the 27 European Union countries sealed a deal Thursday to provide Ukraine with 50 billion euros ($54 billion) in support for its war-ravaged economy after Hungary dropped weeks of threats to veto the measure.
European Council President Charles Michel said the agreement “locks in steadfast, long-term, predictable funding for Ukraine” and shows the EU’s determination “to support their future, to support freedom.”
The aid package — about two-thirds loans and one-third grants — is not intended to help fight off Russia. Apart from supporting the economy and paying for rebuilding, it’s also aimed at setting Ukraine up for future EU membership. The EU has a separate plan for funding arms and ammunition.
Almost two years after Russia invaded Ukraine, the Ukrainian economy is in shambles. The first months following the 2022 invasion saw the country lose a third of its economic output to wartime destruction and occupation by Russia, which controls Ukraine’s heartland of heavy industry.
Read more: https://apnews.com/article/ukraine-war-russia-hungary-eu-summit-budget-6d0f11bc16b4b21073f92925de2046e4
Article updated.
Original article/headline -
Updated 5:43 AM EST, February 1, 2024
BRUSSELS (AP) — A top European Union official says the 27 EU countries have sealed a deal on new aid for Ukraine just over an hour into a summit of the bloc’s leaders and despite threats from Hungary to veto the move.
“We have a deal,” European Council President Charles Michel said in a post on X, formerly known as Twitter. He wrote that all “27 leaders agreed on an additional 50-billion-euro ($54 billion) support package for Ukraine within the EU budget.”
The announcement came despite staunch objections from Hungary in December and in the days leading up to Thursday’s summit in Brussels. It was not immediately clear if any concessions were made to secure Hungarian Prime Minister Viktor Orban’s approval.
Michel said that the move “locks in steadfast, long-term, predictable funding for Ukraine,” and demonstrates that the “EU is taking leadership and responsibility in support for Ukraine; we know what is at stake.”
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