The EU has agreed on a fresh aid package worth €50 billion for Ukraine despite Hungary's veto threat

The heads of state from the 27 European Union nations reached an agreement on Thursday to offer Ukraine a fresh support package worth 50 billion euros ($54 billion) for its economy, which has been severely affected by the ongoing conflict. This decision was made despite the persistent threats of Hungary to block the initiative.

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The announcement of the agreement reached during the initial hour of a summit chaired by Charles Michel, the President of the European Council, was made known. In a post on X, formerly referred to as Twitter, Michel declared, We have reached a deal. 

He emphasized that this agreement ensures consistent, enduring, and foreseeable financial support for Ukraine, showcasing the European Union's commitment to taking charge and assuming responsibility in aiding Ukraine, fully aware of the significance of the situation. 

Ukrainian President Volodymyr Zelenskyy expressed his appreciation for this decision, deeming it as highly significant.

It was surprising that Hungary lifted its veto so quickly. Hungarian Prime Minister Viktor Orban expressed his determination to defend the voice of the people, even in the face of blackmail from Brussels bureaucrats, on X. Orban had previously objected strongly to the financial aid package and had threatened to block its adoption. 

The dispute between Orban's government and the EU's executive commission over Hungary's alleged democratic decline had also resulted in the withholding of some funding. 

In December, the other 26 leaders agreed on a $54-billion package that would span from 2024 to 2027. They also agreed to consider Ukraine as a candidate for EU membership, which Orban reluctantly accepted. However, the financial package was subject to unanimous approval as part of the EU's ongoing seven-year budget review.

An EU official, who preferred to remain anonymous due to the ongoing summit, said that the leaders have reached a consensus on the European Commission proposing a budget review in two years, if it is deemed necessary. The official further emphasized that this review would not provide an opportunity for a future veto.

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