European Parliament approves key budgetary support for Ukraine
On 27 February, the European Parliament approved the revision of the EU’s long-term budget – the multiannual financial framework (MFF). This includes the €50 billion Ukraine Facility.
The MFF revision also establishes the so-called Ukraine Facility, approved with 536 votes in favour, 40 against and 39 abstentions, with an overall capacity of €50 billion for grants, loans and guarantees.
The Multiannual Financial Framework (MFF) sets the annual limits (expenditure ‘ceilings’) on EU commitments in different policy areas (broad categories of spending called ‘headings’) and on overall annual payments for a period of seven years.
The current framework for 2021-2027 was adopted in 2020. The European Commission proposed a mid-term revision on 20 June 2023, including the establishment of the Ukraine Facility.
The Council of the European Union and the European Parliament reached a preliminary agreement on 6 February this year on the creation of a new single dedicated instrument to support the recovery, reconstruction and modernisation of Ukraine. The Ukraine Facility will pool the EU’s budget support to Ukraine into one single instrument, providing coherent, predictable and flexible support to Ukraine for the period 2024-2027.
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