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AP National Business

EU eyes cheap loan plan for ‘stable’ Ukraine funding in 2023

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Published 7:20 AM

By LORNE COOK
Associated Press

BRUSSELS (AP) — The European Union is planning to provide Ukraine with around 18 billion euros in financial aid next year to help the war-ravaged country keep its energy and health care facilities running, and to fund salaries and pension schemes. The European Commission said Wednesday that the aid would involve loans with extremely favorable terms worth 1.5 billion euros every month. Ukraine would not have to reimburse the funds for at least a decade and EU member countries would cover interest costs. The International Monetary Fund estimates that Ukraine will need 3-4 billion dollars each month in 2023. The 27-nation EU’s contribution will be matched by the United States, while other donors and financial institutions are expected to plug the gap.

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