According to reports on September 3rd, EU economic ministers will attend an informal council meeting next week in Prague, the capital of the Czech Republic, to sign a new aid bill for Ukraine.
This bill will provide Ukraine with a financial aid package worth 5 billion euros. The proposal is expected to be submitted next week, according to a spokesman for the European Commission. Once the proposal is adopted, it will be examined by the European Parliament and the European Council.
The 5 billion euro aid plan is part of the EU’s 9 billion euro Ukrainian aid package announced in May. As of now, only 1 billion euros of this May-announced package has been approved. Currently, all EU member states except Hungary have agreed to provide Ukraine with an additional 5 billion euros in aid. A European Commission spokesman said the remaining 3 billion euros were under discussion.
According to the International Monetary Fund’s estimates, the Ukrainian government needs about 5 billion euros per month to maintain everyday operations. If Ukraine does not receive sufficient financial support, it may have a fiscal deficit, easily leading to severe inflation.
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