Denys Shmyhal: We expect the Council of the European Union to approve EUR 35 billion of financial assistance for Ukraine in the near future

The Permanent Representatives of the European Union member states have agreed to provide Ukraine with special financial assistance worth EUR 35 billion through the use of frozen russian assets. This was announced by Prime Minister Denys Shmyhal during a Government meeting on October 11.

“This is a great victory for Ukraine, which we have been striving for more than two years. I am grateful to our European partners for this fair and bold decision. We expect the EU Council to approve it in the near future,” the Prime Minister said.

According to the Prime Minister, the funds should be available to Ukraine by the end of this year, thus enabling the Government to fully finance its priority expenditures already in the beginning of the fiscal year 2025.

In addition, this week the Board of Directors of the World Bank approved the establishment of a special financial trust fund for Ukraine amounting to at least USD 10 billion.

“The main donors will be the United States and several other countries, and in the future the size of the fund can be increased when other donors join it,” said Denys Shmyhal.

According to the Head of Government, the fund will be primarily used to support the budget - salaries and social expenditures, as well as critical recovery needs.