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EU Parliament: 18 billion loan for Ukraine approved. Funds for hospitals, schools and essential public services

(Strasbourg) The EU Parliament has today approved in its plenary session a €18 billion loan for Ukraine for 2023. The funds will cover roughly half of the estimated €3-4 billion monthly funding Ukraine needs in 2023. According to the Commission’s proposal, the money will support “essential public services – such as running hospitals, schools, and providing housing for relocated people -, macroeconomic stability and the restoration of critical infrastructure destroyed by Russia”. The loan, that will be sourced by the EU from financial markets, will be disbursed in quarterly instalments, “with a continuity and predictability that is essential to keep Ukraine afloat amid the war”. The loan is linked to a series of reforms to be implemented “to strengthen the country’s institutions and prepare it both for reconstruction and its path towards EU membership”. These include measures for anti-corruption, judicial reform, respect of the rule of law, good governance, and the modernisation of institutions. The Commission will assess progress towards the implementation of these measures before each instalment is disbursed. The text was adopted by 507 votes in favour, 38 against, and 26 abstentions.

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