The European Parliament supports the allocation of EUR 50 billion under the Ukraine Facility programme

The European Parliament has endorsed the allocation of €50 billion under the Ukraine Facility programme.

This is stated on the website of the European Parliament.

The Ukraine Facility is a new financial instrument for Ukraine worth up to €50 billion, which was agreed in early October.

Under this programme, money for 2024-2027 is provided in the form of grants and loans to support the restoration, reconstruction and modernisation of Ukraine.

512 MEPs voted in favour, 45 voted against, and 63 abstained.

MEPs insist that the Facility, along with the entire budgetary revision, should be agreed as soon as possible, as there will be no provisions for assistance to Ukraine from 2024.

The package should be integrated also into next year’s annual budget, to be negotiated in November. MEPs have made the mechanism more democratically accountable, "ensuring that it not only contributes to resilience and prosperity but also does so with unprecedented transparency".

One of the key demands of MEPs is that the assets of the Russian Federation or other entities or individuals directly linked to the war be used to rebuild Ukraine.

The Parliament has also strengthened provisions to combat fraud, corruption, conflict of interest and other irregularities in the use of EU funds in Ukraine. Companies controlled by oligarchs will not be eligible for funding.

It will be recalled that the Ukraine Facility programme consists of three pillars: financial support in the form of grants and loans; a special investment structure designed to attract public and private investment for Ukraine's recovery; technical assistance (expert support for reforms, support for civil society and other forms of bilateral assistance).

In 2024, Ukraine expects to receive €18 billion to finance the budget deficit, social payments, pensions and salaries for doctors and teachers.