European Parliament approves budget revision with allocation of 50B euros for Ukraine

The European Parliament (EP) has approved a revision of the EU budget for 2021-2027, which contains provisions for the formation of a special Ukrainian fund of 50 billion euros, Report informs referring to the press service of the European Parliament.

“Our goal was an ambitious but realistic proposal for the MFF revision and we have managed to keep it targeted but comprehensive. We aim to stabilize Ukraine's situation with a new €50 billion facility while bolstering the EU’s economy. We are reinforcing the budget with top-ups for migration and ensuring flexibility to respond to crises. We are boosting the EU’s economy with STEP. And we are stabilizing the budget by advocating for interest payments on debt owed on the EU's Recovery Fund (EURI line) to be placed above the EU’s budgetary caps. We need all elements of the revision and we need it on time - before January 2024 - to enter the election year with a balanced budget,” Co-rapporteur Jan Olbrycht (EPP, PL) said.

Following the Commission’s proposal for a mid-term revision on the EU’s long-term budget, MEPs in plenary endorsed an extra 10 billion euros for the years 2024-2027, on top of the 65.8 billion euros proposed by the Commission.

In light of recent external challenges, especially the Russian war against Ukraine and growing migration issues, MEPs bolstered the relevant budgetary areas by 2 billion euros. They have allocated an additional 3 billion euros towards the new "Strategic Technologies for Europe Platform" (STEP) and earmarked 5 billion euros to enhance the EU's ability to respond to unforeseen crises.

The interim report on the proposal for a mid-term revision of the Multiannual Financial Framework 2021-2027 was approved by 393 votes against 136 and 92 abstentions.