The European Parliament approved a proposal to create a special fund of up to 50 billion euros for 2024-2027 to support the recovery, reconstruction and modernization of Ukraine.
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EN deputies approved the creation of a special financial instrument for Ukraine (Ukraine Facility), providing funding of up to 50 billion euros for 2024-2027.
Deputies voted that oligarch companies should not receive European money for the restoration of Ukraine.
This is a new EU financial instrument to provide grants and loans to Ukraine for the recovery, reconstruction and modernization of the country in 2024-2027 in exchange for the implementation of certain reforms.
The Ukraine Facility, which is earmarked for 50 billion euros, will be used as grants and loans to support the recovery, reconstruction and modernization of Ukraine. It was previously reported that Hungary wants to divide this support package and proposes to initially agree on only 25 billion euros.
The new fund was created as part of a review of the EU’s current long-term budget, which is already almost exhausted. The EP calls for this aid package to be integrated into the annual budget for 2024.
At the same time, the final approval of the decision to create this fund remains with the EU member states.
Members of the European Parliament also called for the use of Russia’s frozen assets to restore Ukraine. And they tightened the rules for combating fraud and corruption in Ukraine for the use of EU funds.
Members of the European Parliament call for strengthening democratic accountability within this mechanism and call on Ukraine to preserve the multi-party character of its democratic state and meet its requirements for EU membership, says a message on the UN website.
MPs adopted the edit to increase the transparency of this mechanism. In particular, it is proposed to create an online portal that will display information about the transfer of funds to Ukraine, their expenses and completed reforms.
Source: Racurs
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