The Council of the European Union is set to approve two EU legislative acts on Tuesday, February 24, providing Ukraine with a €90 billion loan. The measures will allow technical work on the loan to continue even as Hungary blocks a third bill required to complete the process. This was stated by European Commissioner Valdis Dombrovskis, according to European Pravda.
According to Dombrovskis, the European Commission will continue preparations to provide Ukraine with the first tranche of the €90 billion loan in April 2026, despite obstacles from Budapest.
“The first thing that will happen tomorrow is the finalization of the Regulation on the Ukraine support loan, and this process is proceeding according to plan,” Dombrovskis said.
He added that the approval of this document on February 24 will “complete the political decision-making process regarding the Ukraine support loan.” Political discussions are currently focused on amendments to the EU’s Multiannual Financial Framework — the bloc’s long-term budget for 2021–2027.
“These amendments are necessary for the European Commission to actually carry out borrowing at the EU level in order to provide this support to Ukraine,” Dombrovskis clarified.
Hungary’s refusal to approve changes to the EU’s long-term budget does not pose an immediate threat, as the European Commission must still prepare to raise funds for Ukraine on international financial markets.
“In December, all EU leaders, including Hungary’s Prime Minister, Mr. Viktor Orbán, agreed to support the loan — and, by the way, Hungary together with Slovakia and the Czech Republic is not participating in the financial guarantees. Therefore, we expect them to honor this agreement…
We would like to begin disbursements to Ukraine as early as the beginning of April,” Valdis Dombrovskis emphasized.