Vice-Minister of Finance M. Liutvinskas: “We have to find solutions for a loan to Ukraine based on Russia's frozen assets as soon as possible”
Vice-Minister of Finance Mindaugas Liutvinskas will attend the meetings of the Eurogroup (EG) and the Council of Economic and Financial Affairs Ministers of the European Union (ECOFIN) on 15-16 July in Brussels. The meetings will focus on financial support to Ukraine and fiscal policy coordination issues.
“It is positive that already almost EUR 8 billion of the Ukraine Facility has reached the defending country. It is important to ensure that further payments under this instrument proceed smoothly and according to the planned schedule. In addition, solutions must be taken as soon as possible on the implementation of the USD 50 billion loan mechanism to Ukraine agreed in the G7 format, which will be financed by funds from frozen Russian assets. Fast and coordinated solutions with Western partners will allow covering a significant part of Ukraine's financing needs for next year, – said M. Liutvinskas.
The meeting will present the state of play of the implementation of the Recovery and Resilience Facility (RRF) and adopt Council decisions on the modification of the RRF plans of Germany, Poland, Cyprus, Finland and Greece. The Council recommendations addressed to the Member States in the context of the European Semester will also be adopted.
The meeting will approve the Council decisions on the initiation of excessive deficit procedures within the framework of the Stability and Growth Pact. These procedures are expected to be launched in 7 countries (Belgium, France, Italy, Hungary, Malta, Poland, Slovakia) with deficits significantly above 3% of GDP and where this excessive deficit is not temporary.
At the EG meeting, ministers will discuss the fiscal situation in the euro area, and reports from the EC and the European Fiscal Board will be presented. The EG statement on the fiscal stance for the euro area in 2025 is planned to be approved.
At the EG meeting, ministers will also discuss Bulgaria's progress towards the membership of the euro area and the EG meeting in inclusive format will exchange views on EU competitiveness.
Last updated: 13-08-2024
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