European Parliament approves 50-bln-euro Ukraine Facility
BRUSSELS. Feb 27 (Interfax) - The European Parliament has approved the 50-billion-euro Ukraine Facility for 2024-2027 to support Ukraine's reforms and prospective accession to the European Union.
The European Parliament resolution passed by 536 votes, with 40 votes against and 39 abstentions, at a plenary session in Strasbourg on Tuesday. In total, 615 MEPs cast their votes.
The facility will closely link recovery, reconstruction and modernization with the accession requirements and process, the resolution said. It also linked financial support to reforms and investments in order to join the European Union.
Michael Gahler (Germany) from the European Parliament Foreign Affairs Committee and Eider Gardiazabal Rubial (Spain) from the European Parliament Budget Committee authored the resolution.
EU support should focus on three areas, the resolution said. The first is financial support for Ukraine for the sake of reforms and investments, as well as macro-financial stability. The second is mobilized investment and expanded access to financing. Thirdly, assistance should be given on the path to European integration.
The resolution envisages the drafting of a Ukraine Plan by the Ukrainian government. "Ukraine should prepare the Ukraine Plan as a coherent, comprehensive and adequately balanced response to rebuilding and modernizing Ukraine, supporting its economic, social and environmental recovery, sustainable development and its progress towards accession to the Union," consistent with the goals and requirements of the 50-billion-euro Ukraine Facility, it said.
The Ukraine Plan will serve as guidance for other donors setting priorities in the financing of Ukraine's recovery.
The European Commission will annually assess the operations of the Ukraine Facility.
"For the effective monitoring of implementation, Ukraine should report once a year in an annual progress report on the implementation. Such reports prepared by the Ukrainian government should be appropriately reflected in the Ukraine Plan. Proportionate reporting requirements should be imposed on recipients of Union funding," the resolution says.
The resolution has yet to be approved by the Council of the European Union. It will take effect after it is published in the Official Journal of the European Union.
Previously, the European Commission's proposal on the Ukraine Facility was approved by the Council of the European Union at a special summit on February 1. This decision was blocked by Hungarian Prime Minister Viktor Orban at the regular summit in December 2023.