https://sputnikglobe.com/20230719/european-peace-facility-to-run-out-soon-due-to-continued-aid-to-ukraine-1111981719.html
European Peace Facility to Run Out Soon Due to Continued Aid to Ukraine
European Peace Facility to Run Out Soon Due to Continued Aid to Ukraine
Sputnik International
The level of EU support for Ukraine is so high that the funds of the European Peace Facility (EPF) would soon be exhausted, US media outlet reported on Tuesday, quoting a senior EU official.
2023-07-19T05:02+0000
2023-07-19T05:02+0000
2023-07-19T05:02+0000
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"Our level of support to Ukraine in the military is now so high, that money allocated to the European Peace Facility for Ukraine will be soon exhausted," the official was quoted as saying by the newspaper. The EPF was established in March 2021 under the Common Foreign and Security Policy in order to expand the EU's role as a "global security provider." The EPF's budget for the 2021-2027 period amounts to 5.69 billion euros. This comes amid reported EU plans to create $22.5bln fund to replenish Ukraine’s military stocks. Citing diplomats familiar with the matter, the media has reported that the European Union will propose to create a 20 billion euros ($22.5 billion) fund over the next four years.The report added that the EU wants to help countries cover their costs of military assistance to Ukraine.EU foreign ministers will discuss the plan during a meeting on July 20, the newspaper noted, adding that it is planned to approve the proposal by the fall. At the same time, there is no guarantee that all 20 billion euros will be spent as part of the initiative, the report said.Last year, EU member states agreed to use the EPF to fund part of military supplies to Ukraine. In late December, EU foreign ministers agreed to boost the EPF's funding by 2 billion euros, with the possibility of a further increase at a later stage. In late June, the Council of the European Union agreed on a second increase of 3.5 billion euros to the overall financial ceiling of the EPF.
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funding ukraine, eu, european union, european peace facility
European Peace Facility to Run Out Soon Due to Continued Aid to Ukraine
MOSCOW, (Sputnik) - The level of EU support for Ukraine is so high that the funds of the European Peace Facility (EPF) would soon be exhausted, US media outlet reported on Tuesday, quoting a senior EU official.
"Our level of support to Ukraine in the military is now so high, that money allocated to the European Peace Facility for Ukraine will be soon exhausted," the official was quoted as saying by the newspaper.
The EPF was established in March 2021 under the Common Foreign and Security Policy in order to expand the EU's role as a "global security provider." The EPF's budget for the 2021-2027 period amounts to 5.69 billion euros.
This comes amid reported EU plans to create $22.5bln fund to replenish Ukraine’s military stocks. Citing diplomats familiar with the matter, the media has reported that the European Union will propose to create a 20 billion euros ($22.5 billion) fund over the next four years.
The report added that the EU wants to help countries cover their costs of military assistance to Ukraine.
EU foreign ministers will discuss the plan during a meeting on July 20, the newspaper noted, adding that it is planned to approve the proposal by the fall. At the same time, there is no guarantee that all 20 billion euros will be spent as part of the initiative, the report said.
Last year, EU member states agreed to use the EPF to fund part of military supplies to Ukraine. In late December, EU foreign ministers agreed to boost the EPF's funding by 2 billion euros, with the possibility of a further increase at a later stage. In late June, the Council of the European Union agreed on a second increase of 3.5 billion euros to the overall financial ceiling of the EPF.
