European Parliament moves forward with $53 billion Ukraine fund
The Budget and Foreign Affairs committees
of the European
Parliament have approved the proposal to establish a EUR 50 billion ($52.7
billion) Ukraine Facility aid fund for 2024-2027, the legislative body
announced on Oct. 5.
Of the committee members, 86 voted in favor of creating the fund, six against, and two abstained.
According to the press release, EMPs made amendments to create a website about the fund's financial operations, as well as steps Ukraine must take to receive assistance. The site will also disclose contributions from third countries and international organizations.
One of the key requirements of the EMPs is that seized Russian assets are used to finance Ukraine’s recovery.
The European Parliament emphasized that the fund, along with the entire budget review, should be approved as quickly as possible, as "there will be no provisions for assistance to Ukraine from 2024" otherwise.
On June 20, the European Commission proposed to create the fund to disburse financial assistance to Kyiv via grants and loans.
On Oct. 3, EMPs approved budget review for 2021-2027, greenlighting the Ukraine Facility aid fund.
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