European Parliament backs European Commission’s proposal to provide Ukraine with EUR 18 billion in 2023

24 November, 04:41 PM
Ursula von der Leyen (Photo:Albert Gea/Reuters)

Ursula von der Leyen (Photo:Albert Gea/Reuters)

The European Parliament has backed a proposal by the European Commission to allocate EUR 18 billion to Ukraine in 2023, the Interfax-Ukraine news agency reported on Nov. 24.

It is noted the MEPs voted for the relevant amendments to regulatory acts that will allow the implementation of the new Macro-Financial Assistance Plus (MFA+) formula.

A total of 571 MEPs took part in the voting, with 507 voting “for,” 38 “against,” and 26 “abstained.”

In particular, three documents were voted in the package, namely two amendments and the proposal of the European Commission itself.

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The amendments have been made to the EU Multiannual Financial Framework 2021-2027 and the Financial Directive and are aimed at changing the approach to macro financial guarantees.

Previously, the funding was allocated under the guarantees of member states in case the macro financial aid’s recipient state is not able to repay loans.

After the approval by the European Parliament, the EU will be able to allocate funds to Ukraine on the same terms as to the EU member states, i.e. under the guarantees of the EU budget.

The European Parliament also voted for the document titled “Proposal for a regulation of the European Parliament and of the Council establishing an Instrument for providing support to Ukraine for 2023 (macro-financial assistance+).”

This document must then be approved by the European Council and must be signed by two presidents – the European Parliament and the European Council. The document itself has 39 pages and contains a detailed description of the mechanism for allocating EUR 18 billion to Ukraine.

The European Council is expected to approve this proposal on Dec. 6.

As reported earlier, Ukraine will receive EUR 18 billion from the European Union in different tranches, and not all of them in 2022.

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