EU’s proposed aid to Ukraine to be reviewed annually — report

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At the upcoming Feb. 1 summit, EU leaders will likely approve annual review of the bloc’s EUR 50 billion ($54.5 billion) 2024-2027 assistance program for Ukraine, Reuters reported on Jan. 31, citing a draft communique of the summit.

The measure was reportedly included as a concession to Hungary, which remains opposed to greenlighting further EU aid to Ukraine.

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The latest draft states that the European Council will hold annual debates on the implementation of the aid mechanism and provide recommendations on how to amend EU policy related to the Russian invasion of Ukraine.

The EUR 50 billion Ukraine Facility program would create a foundation for the rapid recovery and development of the Ukrainian economy. The package aims to cover Ukraine's needs for 2024-2027.

Read also: Budapest accuses Brussels of blackmail for blocking aid to Ukraine

Hungarian PM Viktor Orban confirmed earlier that he was ready to soften his stance on the aid package and proposed a "compromise" that would require the program to be approved annually.

Western media reported that Brussels was ready to impose sanctions on Hungary and suspend the country’s voting rights if it continued to block aid to Ukraine.

Read also: EU to impose sanctions on Hungary if it fails to support aid to Ukraine

Politicians close to Orban earlier said that Hungary could lift its veto if the EU unblocks the EUR 30 billion ($32.6 billion) earmarked for Budapest.

At a summit on Dec. 14, during which 26 EU member states approved starting Ukraine’s EU accession negotiations, Orban vetoed the proposed EUR 50 billion aid package for Ukraine. European Council President Charles Michel said that the EU plans to hold another summit on Feb. 1 to consider additional funding for Ukraine.

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Read the original article on The New Voice of Ukraine