STRASBOURG (France): The European Parliament on Tuesday backed an extra 50 billion euros ($53 billion) in European Union money over the next four years to help rebuild Ukraine devastated by the Russian invasion.
The proposal, proposed by the European Commission in June, envisions a mix of grants and loans that would go to Ukraine as a line item in the bloc’s long-term budget for 2024-2027.
It was adopted by 512 MEPs (Members of the European Parliament), 45 of whom voted against and 63 of whom abstained. The result means that negotiations can now begin with EU member states on the final details of a Ukrainian instrument that would somehow help Ukraine plug the gaps in its finances.
When the reserve becomes operational, the European Union’s total multiannual financial commitments to Ukraine will amount to more than 100 billion euros, making Brussels a key source of support for Kyiv.
The United States, which has faced headaches in Congress over additional aid to Ukraine, has so far committed $43 billion in military aid and approved $113 billion in aid, including humanitarian aid.
Disbursements from the EU instrument for Ukraine are expected to depend on the judicial and anti-corruption reforms Kyiv has promised as part of its bid to join the EU.
In March, the World Bank estimated the total long-term costs of Ukraine’s reconstruction at more than 380 billion euros.
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