MEPs voted on Tuesday in favor of supporting Ukraine with 50 billion euros over four years (2024-2027) for the “reconstruction” and “modernization” of the country, within the framework of an expansion of the EU’s multiannual budget.
This proposal was approved by 512 votes to 45 with 63 abstentions. This vote paves the way for negotiations with member states to define the final content of this support mechanism called “Ukraine Mechanism”. And MEPs want to act quickly: no EU support package for kyiv for 2024 has been adopted so far.
The support package for 2024-2027 proposed by the European Commission involves €33 billion in loans and €17 billion in subsidies.
MEPs want assets confiscated from Russian companies or citizens since the start of the war to be used for reconstruction. The distribution of funds would be defined according to a reconstruction plan “prepared by the Ukrainian Government” and “approved” by Brussels, and which should be “clearly focused on the needs” of the EU “in terms of membership.” From June 2022, Ukraine has the status of “candidate country” for entry into the EU.
Guarantees against corruption
MEPs also want to strengthen certain requirements related to the fight against fraud, corruption or conflicts of interest. Likewise, they ask for a “single web portal” that provides transparency about the volume of aid and its allocation.
In March, the World Bank estimated the cost of the country’s future reconstruction at more than 380 billion euros. In total, Brussels has dedicated €30 billion of its budget to supporting Ukraine since the start of the Russian invasion of the country in February 2022.
Source: BFM TV
