{"id":12251,"date":"2023-11-10T16:49:47","date_gmt":"2023-11-10T16:49:47","guid":{"rendered":"https:\/\/infundpros.com\/business\/eu-funding-delays-imperil-ukraines-macro-financial-stability-says-official\/"},"modified":"2023-11-10T16:49:47","modified_gmt":"2023-11-10T16:49:47","slug":"eu-funding-delays-imperil-ukraines-macro-financial-stability-says-official","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12251","title":{"rendered":"EU funding delays imperil Ukraine\u2019s \u2018macro-financial stability\u2019, says official"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=b72c7353-b067-4fe6-9d0a-d8fd21c5fcaa\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Ukraine has warned that political squabbling between EU capitals on a fresh financial package for Kyiv is putting the country\u2019s \u201cmacro-financial stability\u201d at risk, compounding concerns over future funding from the US.<\/p>\n<p>Brussels has proposed a \u20ac50bn package to support Ukraine\u2019s finances for the next four years as part of a broader request for EU governments to top up the bloc\u2019s common budget. This has sparked months of political wrangling between member states with no guarantee a deal will be struck by the end of the year.<\/p>\n<p>The uncertainty over future EU funding comes as the White House has also so far failed to convince Congress to support additional funding for Kyiv, amid partisan divisions and competing demands to provide assistance to Israel in its war against Hamas.<\/p>\n<p>\u201cWe need money in January to keep running,\u201d Ukraine\u2019s deputy prime minister Olha Stefanishyna told the Financial Times. \u201cThe timing is pressing, and we really need to have the clarity of what happens from January 1\u2009.\u2009.\u2009.\u2009to lead to a lack of disruption in the financial and macro-financial stability in Ukraine.\u201d<\/p>\n<p>Stefanishyna, who is in charge of Ukraine\u2019s relations with the EU and Nato, said that while President Volodymyr Zelenskyy\u2019s government was hopeful that the EU funding proposal would eventually be agreed, the delay was a cause for concern.<\/p>\n<p>\u201cSo we are really positive, but probably we have to have sort of a safe scenario to make sure that [while] it takes necessary time to adopt this decision, it\u2019s not disrupting the ongoing financial framework,\u201d she told the FT\u2019s Global Boardroom event on Friday.<\/p>\n<p>The EU\u2019s 27 member states broadly support the funding for Ukraine, which consists of \u20ac17bn in grants and \u20ac33bn in long-term loans. But they cannot agree on an additional \u20ac50bn in EU budget top-up for other expenses including migration and interest repayments on common debt that the European Commission has decided to wrap into one proposal.<\/p>\n<p>Diplomats from across the bloc have called for the commission to separate the Ukraine funding from the other expenditures, in order to reassure Kyiv. But Brussels has repeatedly rejected that request, arguing that it would scupper its chances of obtaining approval for the parts of the top-up that are not related to Ukraine.<\/p>\n<p>\u201cWe have put forward a comprehensive, well-balanced proposal.\u00a0It addresses a series of well identified and justified budgetary needs across a range of policy priorities,\u201d said Eric Mamer, spokesman for the commission. \u201cOur discussions with member states therefore focus on the overall package.\u201d<\/p>\n<p>EU leaders will meet at a summit in December to discuss the budget top-up. Any additional money not redistributed from other parts of the EU budget will have to be covered by national contributions. <\/p>\n<p>Member state diplomats have warned that it is not guaranteed the 27 leaders will be able to reach an agreement at the summit, delaying any deal \u2014 and decision on Ukraine\u2019s financial support \u2014 into 2024.<\/p>\n<p>\u201cWe\u2019re all ready to sign off on the Ukrainian \u20ac50bn, all they need to do is give us the opportunity,\u201d said one senior EU diplomat. \u201cBut the commission is taking a maximalist position here and seeking to use Ukraine to get their other priorities funded.\u201d<\/p>\n<p>In a separate interview at the FT Global Boardroom event, Czech president Petr Pavel said Ukraine was likely to come under growing pressure next year to begin negotiations with Russia to end the war.<\/p>\n<p>\u201cWe will see more war fatigue on both sides\u2009.\u2009.\u2009.\u2009and much more pressure by those affected both directly and indirectly,\u201d Pavel said.\u00a0\u201cWe will see elections in Russia, possibly Ukraine and also the United States. All these effects may eventually lead to a negotiation.\u201d<\/p>\n<p>He stressed that western capitals should not push Kyiv into talks and the two sides were at present too far apart. <\/p>\n<p>Pavel, a former general and head of Nato\u2019s military committee played down the threat of the US weakening its commitment to or even withdrawing from the alliance if Donald Trump returned to the White House. But he said Europeans powers needed to be able act through Nato without relying on Washington.<\/p>\n<p>\u201cWithin Nato we need to have a discussion about how we can better institutionalise the European pillar not to be so dependent on the United States. It\u2019s about preparing for a situation where the United States will be busy elsewhere.\u201d<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/b72c7353-b067-4fe6-9d0a-d8fd21c5fcaa\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Ukraine has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-12251","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EU funding delays imperil Ukraine\u2019s \u2018macro-financial stability\u2019, says official | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Ukraine has warned that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=12251\" \/>\n<meta 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