European Parliament votes to support $53 billion financing package for Ukraine's recovery

In a vote on October 17, the European Parliament improved and endorsed a proposal for a 50 billion euro facility ($52 billion) to support Ukraine’s recovery, reconstruction and modernisation from 2024.

Parliament’s stance on the proposed Ukraine Facility was adopted with 512 votes in favour, 45 against and 63 abstentions, with MEPs making the Facility more democratically accountable, encouraging multiparty democracy and Ukraine’s alignment with the requirements for EU accession, Caliber.Az reports citing the message posted on the European Parliament’s website.

The Ukraine Facility will be part of the EU's long-term budget, which "has been severely depleted following the multiple crises that have occurred since 2021," according to the press office.

The official adoption package will therefore be put to a vote in the coming months, along with the revision of the long-term EU budget.

The European Commission first revealed the proposals for the Ukraine Facility in June 2023, to finance Kyiv's current expenditures and urgent reconstruction through grants, concessional loans, and guarantees.

The proposal was made public ahead of the June 22 Ukraine Recovery Conference in London, where donors discussed ways to aid Ukraine's reconstruction.

It is to be financed through contributions of European Union member states and cover the period from 2024-2027.

The Ukrainian government is required to implement "key reforms on its EU accession track" to access this support, the European Commission explained.

"Significant emphasis will be placed on public administration reform, good governance, the rule of law, anti-corruption, and sound financial management," according to the commission.

European leaders granted Ukraine candidate status on June 23, 2022, in a historic step on the long and difficult path to EU membership. There is no timeline set for the accession process, and it may take years to complete.

However, on Sept. 26, Prime Minister Denys Shmyhal announced that the Ukrainian government has implemented all seven steps recommended by the European Commission for EU accession talks to begin.

On Oct. 2, Ukrainian Foreign Minister Dmytro Kuleba said that "considering all the reforms that Ukraine has carried out, is carrying out, and will carry out," the process is moving forward "with maximum speed."