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11-03-2024

Vice-Minister M. Liutvinskas: “It is important to ensure that the first payment of the EU financial support arrives already in March”

On 11-12 March Vice-Minister of Finance Mindaugas Liutvinskas will participate at the meetings of the Eurogroup (EG) and the Council of Economic and Finance Ministers (ECOFIN). The meetings will focus on economic perspectives of the euro area, coordination of fiscal policy and support to Ukraine.

During the ECOFIN meeting, the ministers will discuss the supply of financial support to Ukraine. Following the consensus reached at the beginning of February this year concerning the financial support package of EUR 50 billion to Ukraine, the first payment of EUR 4.5 billion should reach Ukraine by the end of March. In total, Ukraine will get about EUR 16 billion under this EU support facility this year.

“For Ukraine facing the lack of finance, it is vital to ensure that the first payment of the EU financial support, EUR 4.5 billion, reaches the country already this month. Mobilising funds for Ukraine’s needs, we must seriously consider all alternatives, including the use of the frozen assets of russia. First steps in this regard at EU level have already been made, however we must endeavour the main objective, i.e. to find legal ways of transferring the frozen assets to Ukraine, and solutions in coordination with international partners”, said Mr M. Liutvinskas.

At the EG meeting the ministers will discuss macroeconomic trends for the euro area and negotiate on the fiscal policy option of the euro area in 2025. Also, the efforts will be made to reach consensus on a joint statement stressing the main directions for the further development of the EU capital market.

The ECOFIN meeting will also approve the conclusions of the Council of the EU concerning the 2025 EU budget guidelines and recommendation for budget execution of the fiscal year 2022.  The EG meeting will also discuss the preparations for the euro area summit to be held in March.