EU approves budget revision with 50 billion euros for Ukraine

The European Parliament has approved the revision of the EU budget for 2021-2027, which contains provisions for the formation of a special Ukrainian fund of 50 billion euros, Caliber.Az reports with reference to the press service of the European Parliament.

In light of recent external challenges, especially the Russian war against Ukraine and growing migration issues, MEPs bolstered the relevant budgetary areas by 2 billion euros. They have allocated an additional 3 billion euros towards the new "Strategic Technologies for Europe Platform" (STEP) and earmarked €5 billion to enhance the EU's ability to respond to unforeseen crises.

As for the debt payments resulting from the Recovery plan, MEPs demand that they be positioned above the EU’s budgetary caps. This is to ensure that EU programmes directly benefiting citizens are not compromised, especially given the potential volatility of these costs with rising interest rates.

MEPs stress that a swift adoption of the amended regulation is key, as the revised MFF should be operational by 1 January 2024 to offer a framework for that year's annual budget.

The interim report on the proposal for a mid-term revision of the Multiannual Financial Framework 2021-2027 was approved by 393 votes against 136 and 92 abstentions.

Co-rapporteur Jan Olbrycht said: "Our goal was an ambitious but realistic proposal for the MFF revision and we have managed to keep it targeted but comprehensive. We aim to stabilise Ukraine's situation with a new €50 billion facility while bolstering the EU’s economy".

"By December 31, we want to have in place adequate means to support Ukraine and continue mitigating the war's social and economic impact, along with rising inflation and the cost of living crisis," co-rapporteur Margarida Marques noted.