European Parliament greenlights €50 billion aid package for Ukraine First funds expected next month

The European Parliament has approved the allocation of a €50 billion macro-financial support package for Ukraine.

The approval comes into force at a plenary session on February 27, European Pravda reports, citing the parliament's press service.

The decision was adopted by 536 votes in favour, 40 MPs were against and 39 abstained.

To recall, on February 1, the EU leaders overcame the long resistance of Hungary and reached an agreement on the allocation of macro-financial assistance to Ukraine in the amount of 50 billion euros. The programme is designed for four years.

The relevant committees of the European Parliament supported the decision to set up the aid programme on February 22.

European Commission President Ursula von der Leyen said that the EU expected to provide the first funds to Ukraine in March.

The government also said earlier that Ukraine expects to receive in March the first tranche of macro-financial support from the EU worth €4.5 billion under the Ukraine Facility programme.