The European Parliament gives Ukraine important budgetary help.
The European Parliament adopted the updated multiannual financial framework (MFF), which is the EU’s long-term budget, on February 27. The €50 billion Ukraine Facility is one example of this.
The so-called Ukraine Facility is another addition to the MFF revision. It was adopted with 536 votes in favor, 40 against, and 39 abstentions, and it has a €50 billion total capacity for grants, loans, and guarantees.
The Multiannual Financial Framework (MFF) establishes, for a seven-year period, the annual restrictions (also known as “ceilings”) on EU commitments in several policy areas (also known as “headings,” which are broad categories of spending). It also establishes the annual payments overall.In 2020, the present framework for 2021–2027 was approved. On June 20, 2023, the European Commission presented a mid-term amendment that included creating the Ukraine Facility.
On February 6 of this year, the European Parliament and the Council of the European Union came to a preliminary agreement regarding the creation of a new, single, dedicated instrument to aid in Ukraine’s recovery, reconstruction, and modernization. By combining all of the EU’s financial assistance for Ukraine into a single instrument, the Ukraine Facility will give Ukraine consistent, dependable, and adaptable support for the years 2024–2027.
About The Author
