PM Shmyhal: EU proposes 18 billion euros aid plan for Ukraine in 2023

The European Commission proposed on Nov. 9 a new mechanism to provide 18 billion euros in financial aid to Ukraine to help cover the country's needs in 2023, according to Prime Minister Denys Shmyhal.

"It is a very important initiative that will support the economic stability of our country and strengthen the foundation of our future victory," Shmyhal said, adding that the government is grateful to the EU for the support.

According to Shmyhal, the funds will help to cover "a significant part" of the budget deficit, which is expected to be $38 billion.