Estonian government backs European loan to Ukraine

The Estonian government has backed an 18-billion-euro European loan for Ukraine

Estonian government backs European loan to Ukraine

The Estonian government on Thursday decided to support the European Commission’s proposal to grant Ukraine a concessional loan of 18 billion euros in 2023, the cabinet press service said.

“The government has decided to support the European Commission’s proposal to grant Ukraine a concessional loan of 18 billion euros in 2023. The money will be used to support the Ukrainian budget and critical infrastructure, as well as to implement reforms. The loan will be guaranteed by EU member states. Estonia’s share in these guarantees will be 38m euros,” the statement said.

The Ministry of Finance, which developed the Estonian government-approved position on the issue, noted that the Ukrainian state budget deficit in 2023 is projected at 40bn euros.

In 2022, the volume of macrofinancial assistance provided by the EU to Ukraine amounted to 7.2bn euros. The provision of new loans needs the approval of all EU member states.

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