Ukraine should receive EUR 35B of new EU loan by year-end - European Commission

Executive Vice President of the European Commission Maros Sefcovic said this in Strasbourg during a speech at the EP plenary session dedicated to the preparation for the European Council of October 17-18, an Ukrinform correspondent reports.

The European Council will discuss the developments in Ukraine, Sefcovic noted, reiterating the EU’s commitment to support Ukraine and its people for as long as it takes. The EU is now looking for quick agreement on the Commission’s proposals around the EUR 35 billion macro-financial assistance loan, which is part of the commitments made by the G7 countries in June. It is imperative that these funds be paid by the end of the current year in order to provide the fiscal space (for action) that it requires, said the representative of the European Commission.

Also, according to the EC Vice President, the European side is taking concrete steps to help Ukraine prepare for the upcoming winter. This work, which the EU is carrying out together with partners, involves the repair of energy facilities, restoration of power grids, and stabilization of the entire energy sector.

Last month, Sefcovic recalled, the European Commission adopted the so-called "Winter Plan" for Ukraine, with a funding of EUR 160 million. The assistance comes in addition to the support of Ukraine's energy sector in the amount of EUR 2 billion, which has been provided to Ukraine at this time, he noted.

The goal is to put Ukraine in a position that will allow it to negotiate peace on the right terms, and to provide the embattled nation with assistance throughout its path to full membership in the European Union, said the executive vice president of the European Commission.

As reported, during the summit in June, the G7 countries decided to provide Ukraine with a $50 billion loan, which must be repaid with interest accrued on about $280 billion in frozen Russian funds. The European Commission came up with a proposal to provide Ukraine with EUR 35 billion from the total amount of the loan program as an EU contribution. Currently, the proposal is under consideration by member states and is undergoing legal review.