Ukraine Needs More Money Than We Expected, Says Czech Minister

The EU sent Ukraine the first €3 billion from the €18 billion loan package, but some EU member states already see that this amount will not be sufficient, admitted Czech Finance Minister Zbyněk Stanjura (ODS, ECR) on Tuesday.

The €18 billion aid package for Ukraine was approved in December 2022 after tough negotiations. According to the regulation approved, the EU can provide Ukraine with a monthly financial loan.

However, the agreed amount will probably not be enough, Stanjura said.

“When you see today and every day the brutal attacks by the Russian army, the more and more damage they are doing to Ukraine’s infrastructure, but also to residential areas, I assume that the need for this money will be even higher than we thought in November or December,” Stanjura said after Tuesday’s meeting between EU finance ministers.

For the Czech government, support for Ukraine is a top priority.

The Czech Republic negotiated the aid package for Ukraine during its Council of the EU Presidency in the second half of 2022.

The only country actively blocking the support was Hungary.

For the EU to be able to afford assistance to Ukraine, it was necessary to borrow the money and provide guarantees.

According to Stanjura, the discussion among ministers on further aid for Ukraine was “brief”. “I am convinced that many countries have the same view as the Czech Republic. I think it is a majority of countries,” he added.

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