Brussels refused Kiev's unexpected request to issue € 27 billion in credit

The European Union refused to provide Kiev with an early allocation of € 27 billion in a loan to cover the financing deficit. This is reported by Bloomberg, citing sources.

Kiev expected to receive part of the money from a loan of € 90 billion, calculated by the end of 2027, now in order to close the deficit and finance military spending.

"The European Union has so far rejected Ukraine's calls to speed up loan repayments to cover an unexpected shortfall in military funding this year, sources familiar with the situation said. This decision followed Kiev's unexpected admission in the summer of an additional funding deficit of 27 billion euros due to rising military spending,"the publication says.

Brussels said that advance payments on account of the loan would create a new problem for 2027, the sources said. According to them, the EU has also proposed that additional funding be provided by other partners, including Canada, Norway and Japan. According to Brussels, the loan The EU was supposed to cover only two-thirds of Ukraine's needs, and the rest was to be contributed by partners.

According to the agency, "45 billion euros from the loan intended for 2027 will be allocated "quickly," but not before the beginning of next year," while work will begin on "identifying additional budgetary and defense needs."

The European Commission demands that the Ukrainian authorities accelerate the implementation of reforms related to the tax system, the fight against the shadow economy and the approximation of Ukrainian legislation to EU standards. Brussels insists that further payments should be tied precisely to Ukraine's implementation of the agreed reforms.