G. Skaistė: "We need to find a consensus on further financial support for Ukraine at EU level in the near future"
On 16-17 October, Minister of Finance Gintarė Skaistė will participate in the meetings of the Eurogroup (EG) and Ministers of Finance (ECOFIN) of the European Union (EU) in Luxembourg, where the main focus will be on further EU financial support for Ukraine and the revision of EU fiscal rules.
"In the near future we need to agree on the continued EU financial support for Ukraine for the next year and beyond – clarity on the scope and conditions of the support policy is important for both the Ukrainians and Western partners. It is necessary to ensure that funding for Ukraine does not decrease and that the funds reach the warring country on time. We also need to move forward with decisions on the use of frozen russian assets, thus covering part of Ukraine's financing needs," noted G. Skaistė.
At the ECOFIN meeting, the ministers will exchange views on the economic and financial impact of russia's aggression against Ukraine, and further EU financial support for Ukraine. The EC will also present the progress towards using frozen russian assets for Ukraine's needs.
During the meeting, it is planned to continue the discussions on the revision of the EU fiscal rules, in order to reach a consensus at the political level by the end of this year.
"The fundamental goal of the revised EU fiscal rules is the real reduction of debts in highly indebted countries, while at the same time creating incentives to strengthen economic growth. We must ensure as much transparency, clarity and equal treatment of all parties in the system as possible. In the discussions, Lithuania also consistently emphasizes that when revising the fiscal rules, we must assess the changed security situation – it is necessary to provide reasonable flexibility for investments in increasing defense capabilities in the countries," says G. Skaistė.
At the ECOFIN, the implementation of the Recovery and Resilience Facility will also be discussed, conclusions on international funding of climate change will be approved, and other issues on the international agenda will be discussed.
At the EG meeting, with the participation of US Treasury Secretary J. Yellen, the ministers will exchange views on global economic prospects and risks, and US-EU cooperation.
Moreover, at the EG meeting, the future of the European capital and financial markets, progress in implementing the digital euro project, recommendations for the euro area in 2024, and other issues will be discussed.
Last updated: 18-10-2023
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