EU leaders greenlit additional funding for the multiannual financial framework 2021-2027 and discussed support for Ukraine.

The additional funding covers support for Ukraine, migration and the external dimension, the strategic technologies for Europe platform (STEP), Next Generation EU interest payments, special instruments, new own resources and elements that reduce the impact on national budgets.

Of the total amount of €50 billion, €33 billion are loans and €10.6 billion are redeployments from existing funding. A further €17 billion in grants is also part of the agreed support package for Ukraine under a new thematic instrument, known as the Ukraine Reserve.

To ensure Ukraine’s ownership of its recovery and reconstruction, the Ukrainian government needs to prepare a plan that sets out a reform and investment agenda. To access the confirmed funding, Ukraine must also uphold and respect democratic mechanisms, including a multi-party parliamentary system, as well as respect human rights, including the rights of persons belonging to minorities

In addition, the Commission and Ukraine need to protect the EU’s financial interests, particularly by countering fraud, corruption and conflicts of interest.

The Council will play a key role in the governance of the Ukraine Facility and the European Council will hold a debate every year on the implementation of the facility, on the basis of a Commission report.

The post EU leaders agree on additional €50 billion to support Ukraine appeared first on Euronewsweek.

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