European Commission explores additional €45 billion loan for Ukraine in 2027

Tetyana Vysotska, Ivan Diakonov — 9 November, 16:47
European Commission explores additional €45 billion loan for Ukraine in 2027
Valdis Dombrovskis. Photo: Getty Images

The European Commission is working on the possibility of providing Ukraine with an additional €45 billion loan in 2027 to cover funding shortfalls, in addition to the already planned support.

Source: European Pravda's correspondent in Brussels, citing a statement by European Commissioner for Economy Valdis Dombrovskis on the sidelines of the EU Economic and Financial Affairs Council meeting on 9 November

Details: According to Dombrovskis, the European Commission is exploring options to provide Ukraine with an extra €45 billion in 2027 through a loan scheme similar to the €90 billion Ukraine Support Loan.

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Quote: "We are working to cover Ukraine's funding gap, which has emerged larger than expected. It's additional €70 billion, of which the EU would aim to cover around two-thirds, so to be precise, another €45 billion. But we are currently working on those options to be presented later to member states."

Details: When asked by a journalist whether the most likely option for covering this deficit is a similar credit scheme involving joint borrowing – backed by Russian assets – the European сommissioner replied: "Well, that's obviously one of the central options we are currently assessing and elaborating on."

In response to a follow-up question about whether sufficient funding could be secured to raise €45 billion in borrowed funds, Dombrovskis expressed cautious optimism.

Quote: "We are currently working on this, but I would say I am cautiously optimistic that we will be able to find a solution and to provide this additional funding of €45 billion on top of what is already foreseen."

Background:

  • As European Pravda previously reported, the European Commission acknowledged that the Ukrainian budget indeed lacks €70 billion for 2027, which needs to be covered by international partners.
  • At the leaders' summit on 15-16 October, the European Council instructed the European Commission to prepare proposals to close the €70 billion shortfall in Ukraine's budget for 2027.

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European Commission aid for Ukraine
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