Alpha News

ECOFIN: Mammoth Package for Ukraine and €113 Billion for European Defense

Published February 17, 2026, 17:23

The Economic and Financial Affairs Council (ECOFIN), under the Cypriot presidency, agreed today on a package of proposals to provide a €90 billion loan to Ukraine, covering the country's funding needs for 2026 and 2027. The agreement, reached in cooperation with the European Parliament and the European Commission, provides for the disbursement of funds from the second quarter of this year. In addition, amendments to Lithuania's Recovery and Resilience Plan were approved, and the national escape clause was activated for Austria to facilitate the increase in defense spending. Eight executive decisions were also adopted under the European Security Action (SAFE) to provide affordable loans for the acquisition of defense equipment. Finally, the Union list of non-cooperative tax jurisdictions was updated.