EU to Unveil €5 Billion Aid Plan for Ukraine Next Week

According to reports on September 3rd, EU economic ministers will attend an informal council meeting next week in Prague, the capital of the Czech Republic, to sign a new aid bill for Ukraine.

 This bill will provide Ukraine with a financial aid package worth 5 billion euros. The proposal is expected to be submitted next week, according to a spokesman for the European Commission. Once the proposal is adopted, it will be examined by the European Parliament and the European Council.

 The 5 billion euro aid plan is part of the EU’s 9 billion euro Ukrainian aid package announced in May. As of now, only 1 billion euros of this May-announced package has been approved. Currently, all EU member states except Hungary have agreed to provide Ukraine with an additional 5 billion euros in aid. A European Commission spokesman said the remaining 3 billion euros were under discussion.

 According to the International Monetary Fund’s estimates, the Ukrainian government needs about 5 billion euros per month to maintain everyday operations. If Ukraine does not receive sufficient financial support, it may have a fiscal deficit, easily leading to severe inflation.

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