EU moves to close Ukraine's financing gap before year-end
EU officials say Ukraine's budget shortfall must be covered and aim to find a solution by the end of the year.
A confidential European Commission document outlines that the EU must develop measures to address Ukraine's financing shortfall, targeting a political deal by the end of the year. Ursula von der Leyen emphasized that the deficit has to be covered and that future assistance must remain adaptable to rapidly changing combat requirements. The paper, sent to member states, urges the start of searches for solutions to bridge the gap projected for 2027.
European Council President Antonio Costa instructed the Commission to prepare a specific financial proposal for Kyiv, to be debated at a special summit in Brussels on 26-27 November. Analysts suggest the most probable route is a new EU loan, mirroring the structure of the loan agreed by member states in December. The EU also called on NATO members to provide additional military aid this year, focusing on drone deliveries, following an agreement reached at the NATO summit in Ankara.
Why it matters
Closing Ukraine's funding gap is crucial for sustaining its defence and reconstruction efforts.
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