European Parliament approves $19 billion loan to Ukraine for 2023

By Ahmet Gencturk

ANKARA (AA) - The European Parliament (EP) approved a €18 billion ($19 billion) loan Saturday to Ukraine for 2023.

The loan will cover approximately half of the estimated €3 - 4 billion monthly funding Ukraine needs in 2023, the parliament said in a statement.

It said the money, in line with a European Commission’s proposal, will be used to support essential public services, including running hospitals, schools and provide housing for relocated people as well as restoration of critical infrastructure destroyed by Russia.

The statement highlighted that the loan is conditional.

“It requires reforms to strengthen the country’s institutions and prepare it both for reconstruction and its path toward EU membership,” it said. “Reviewed by the Commission before each installment, the conditions include measures for anti-corruption, judicial reform, respect of the rule of law, good governance, and modernization institutions.”

Commenting after voting on the loan, EP President Roberta Metsola said: “Ukraine is fighting for European values. The European Parliament and the European Union have shown remarkable solidarity with Ukraine on the humanitarian, military, and financial front. Importantly, we have granted Ukraine EU candidate status.”