European Parliament approves €50 bln for Ukraine in EU budget amendments

European Parliament approves €50 bln for Ukraine in EU budget amendments

The Ukraine Facility has been designed to support Ukraine, its recovery and its path to EU accession, with up to €50 billion for the period from 2024 to 2027

The European Parliament voted by a majority for a resolution in support of the European Commission's proposals for revising the EU's multi-year budget for 2021-2027, which, in particular, contains provisions for the creation of a special Ukrainian fund of 50 billion euros.

Voting took place today, October 3, during the plenary session of the European Parliament in Strasbourg. 393 deputies voted in favor of the resolution, while 136 voted against it, and 92 European politicians chose to abstain.

"The European Parliament… Confirms the fact that this revision (of the budget) should be focused on the multiple consequences of Russia's aggressive war against Ukraine, on strengthening the open strategic autonomy and sovereignty of the European Union, and on providing the European Union with adequate flexibility to respond to crises," – the document says.

The resolution of the European Parliament contains a separate section dedicated to providing long-term support for Ukraine.

"The European Parliament welcomes the proposal of the European Commission on a long-term structural solution for solving the financial needs of Ukraine and its binding to the EU budget, which will cover the support of macro-financial stability, the investment environment, and the financing of medium- and long-term recovery and reconstruction, the implementation of reforms related to with accession (to the EU) and the development of administrative capabilities," the document states.

At the same time, the European Parliament separately emphasizes that such a long-term instrument is the only possible way to attract other donors and ensure effective and targeted spending in the interests of Ukraine and its people. Deputies insist that the Ukrainian fund within the framework of the multi-year EU budget should be adopted "as quickly as possible" immediately after the approval of the amendments to the MFF (the EU's multi-year financial perspective).

European politicians called for such a Ukrainian fund to be given some flexibility, given Ukraine's uncertainty. In this context, they welcomed the creation, at the proposal of the European Commission, of the so-called Ukrainian reserve, which can be mobilized by the budget bodies of the European Union, one of which is the European Parliament, to solve Ukraine's immediate needs.

"The European Parliament … emphasizes the need to protect the rule of law and the financial interests of the European Union to prevent, detect and correct cases of corruption, conflicts of interest and other violations in the use of European Union funds in Ukraine, which should be based on the principles of transparency and accountability. It believes that this (Ukrainian) fund should provide for clear provisions and safeguards to achieve such goals," the resolution reads.

The MEPs recalled that since the beginning of the Russian invasion of Ukraine, the European Union has been at the "frontline" in supporting Ukraine and in effective solidarity with its people in the struggle to protect democracy and against Russian authoritarianism. Since the start of the war, the EU has already provided Ukraine with more than €30 billion in financial support alone and will remain at the center of such efforts, considering the need to support Ukraine on its path to membership in the European Union.

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