2024-03-13 20:14:00
The ambassadors of 27 EU countries agreed on the reform of the European Peace Fund, which will allow Ukraine to allocate an additional five billion euros in military assistance in 2024, reported in the Belgian Presidency of the Council of the EU.
The head of European diplomacy, Josep Borrell, also confirmed that the ambassadors had agreed on reform. “The fund will allow us to increase military support to Ukraine by another five billion euros. The message is clear: we will support Ukraine with all our might to win,” Borrell wrote.
The European Peace Fund, an extra-budgetary funding mechanism, comes from contributions made by countries.
In total, the countries have already financed assistance to Ukraine amounting to regarding 6.1 billion euros through the European Peace Fund. However, in recent months, participants have been arguing regarding reform of the fund from which countries are compensated for the cost of weapons supplied to Ukraine.
Early February 2024 Financial Times wrotethat the EU insists that payments be made first and then countries receive compensation, but Germany and other major donors to the fund objected to this option. 12 March Reuters reportedthat diplomats managed to find a compromise.
On February 1, the head of the European Council, Charles Michel, announced that all 27 EU countries had agreed to provide Ukraine with planned financial assistance in the amount of 50 billion euros from 2024 to 2027. The decision was supposed to be made in December, but then Hungary blocked it.
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