EU Ministers to Discuss Multiannual Financial Aid Worth $56Bln for Ukraine

MOSCOW (Sputnik) - Economic and finance ministers of the European Union will discuss a multiannual financial support package of 50 billion euros ($56 billion) for Ukraine during their meeting on Friday, European Commission Vice-President Valdis Dombrovskis said.

"Ministers are going to discuss for the first time European Commission's proposal on the review of the Multiannual Financial Framework, including Ukraine facility of 50 billion euros ... As part of this review of multiannual financial framework we have 50 billion euros Ukraine facility, which consists of 17 billion euros in grants and 33 million euros in loans," Dombrovskis said ahead of the meeting in Brussels.

The facility covers the period from 2024 to 2027, the commission's vice-president added, expressing hope that other donors will also make their contributions to provide financial help to Ukraine.

The EU has provided Ukraine with a funding of 9 billion euros so far this year, disbursing 1.5 billion euros on a monthly basis, Dombrovskis also said.

In December 2020, the EU countries adopted the Multiannual Financial Framework (MFF) worth 1.1 trillion euros for the period of 2021-2027. Along with the Next Generation EU recovery package, the MFF provides a framework regulating the annual budget of the European Union.

Last month, the European Commission proposed a mid-term revision of the MFF, increasing the funding by 75 billion euros for the remaining three-year period.