The European Parliament has approved in the first reading the creation of a €50 billion Ukraine Facility fund, according to a release from the European Parliament.
This is a new EU financial instrument to provide grants and loans to Ukraine for the country's restoration, reconstruction and modernization in 2024-2027 in exchange for certain reforms.
The new fund was created as part of the revision of the EU's current long-term budget, which is almost exhausted and does not provide any assistance to Ukraine after 2023. The EP is calling 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 is up to the EU member states.
MEPs also called for the frozen assets of the Russian Federation to be used to restore Ukraine. They also tightened the rules for fighting fraud and corruption in Ukraine when using EU funds.
"MEPs call for stronger democratic accountability within this mechanism and urge Ukraine to preserve the multiparty character of its democratic state and bring it in line with the requirements of EU membership," the EP website said.
Deputies adopted amendments to increase the transparency of this mechanism. In particular, it is proposed to create an online portal that will display information on the transfer of funds to Ukraine, their spending, and the reforms implemented.
