European Parliament accelerates consideration of €90 billion loan for Ukraine’s defense

The European Parliament will urgently consider the issue of providing Ukraine with macro-financial assistance in the form of a loan of 90 billion euros.

This is reported by Politico.

The vote on the decision will take place this Wednesday in Strasbourg, although it was previously planned to be held at the end of the month. The postponement of the date was confirmed by European Parliament President Roberta Metzola during the opening of the plenary session.

European Parliament spokeswoman Delphine Kolar explained the acceleration of the procedure by an agreement between key political forces. According to her, an agreement was reached between the main factions.
“There is agreement between the political groups,” she said.

The agreement was supported by the European People’s Party, socialists and liberals, which guarantees the necessary majority of votes for the decision.

If approved, the decision would allow the European Commission to raise funds on international debt markets under the EU budget’s guarantees. MEPs should also make changes to the Union’s current financial plan and support mechanisms for Ukraine.

As Politico notes, the acceleration of the review is related to Kyiv’s critical need for defense funding. According to available data, without this decision, Ukraine could face a funding deficit as early as April.

The vote was originally scheduled for February 24, the fourth anniversary of Russia’s full-scale invasion. However, the situation on the front and in the economy forced European leaders to act without delay.

As previously reported, Sweden announced a new energy support package for Ukraine in the amount of 1 billion Swedish kronor, which is almost 94 million euros.

Recall that the World Bank will help Ukraine restore its energy system – the country will receive up to $40 million in grant support.