On Tuesday, the European parliament approved long-term financial assistance for Ukraine in the amount of EUR 50 billion and the related revision of the European Union budget for 2021-2027.
On February 1, at the EU summit in Brussels, 27 leaders agreed on a support package for Ukraine worth EUR 50 bn from the EU budget. However, the political decision required its transformation into a legal agreement. At the beginning of February, talks on this matter were held between negotiators of the Council (member states) and the European parliament.
Finally, on February 6, an agreement was reached, which was supported by the European parliament’s plenary vote on Tuesday. It assumes the creation of a special fund for Ukraine for 2024-2027 within the EU budget. MEPs agreed to this with 536 votes in favor, 40 against, and 39 abstentions. The EUR 50 bn fund consists of EUR 33 bn in loans and EUR 17 bn in grants.
In line with parliament’s demands, a mechanism has been introduced to solve the problem of rising costs of repayment of the Reconstruction Fund (NextGenerationEU) due to increasingly higher interest rates.
Another important element of the budget review is the creation of a platform for strategic technologies for Europe, the so-called STEPPE. 517 MPs voted for its creation (59 were against and 51 abstained). STEP aims to strengthen Europe’s position in key technology fields, including emission-neutral technologies, as well as digital technologies and biotechnologies.
Finally, on February 6, an agreement was reached, which was supported by the European parliament’s plenary vote on Tuesday. It assumes the creation of a special fund for Ukraine for 2024-2027 within the EU budget. MEPs agreed to this with 536 votes in favor, 40 against, and 39 abstentions. The EUR 50 bn fund consists of EUR 33 bn in loans and EUR 17 bn in grants.
Parliament also approved on Tuesday the update of the EU budget for 2021-2027 by a vote of 499 to 67 (31 MEPs abstained). It provides for more measures, including those on issues related to migration, neighborhood policy, and defense.The European Parliament has approved a €50 billion aid package for Ukraine, adopted earlier by the EU Council, aimed at supporting recovery, facilitating reforms, and progressing towards EU accession. https://t.co/vuu2cWDvgp pic.twitter.com/CjJcwfFhWr
— Euromaidan Press (@EuromaidanPress) February 27, 2024
In line with parliament’s demands, a mechanism has been introduced to solve the problem of rising costs of repayment of the Reconstruction Fund (NextGenerationEU) due to increasingly higher interest rates.
Another important element of the budget review is the creation of a platform for strategic technologies for Europe, the so-called STEPPE. 517 MPs voted for its creation (59 were against and 51 abstained). STEP aims to strengthen Europe’s position in key technology fields, including emission-neutral technologies, as well as digital technologies and biotechnologies.
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