EU Parliament Greenlights Long-Term Budget Boosting Ukraine, Key Priorities

Image credit, Udo Pohlmann

The European Parliament has given the green light to a major overhaul of the EU’s long-term budget, paving the way for increased financial support for Ukraine and bolstering funding for critical EU priorities.

The revised Multiannual Financial Framework (MFF) establishes a dedicated €50 billion “Ukraine Facility,” offering a combination of grants, loans, and guarantees. This significant commitment underscores the EU’s unwavering stance in supporting Ukraine throughout its ongoing struggle.

The revised budget allocates additional resources to address pressing concerns like managing migration, tackling external challenges, enhancing crisis preparedness, and ensuring the smooth repayment of the NextGenerationEU recovery plan. Additionally, the MFF incorporates mechanisms to address rising interest rates associated with the plan.

The MFF ushers in creating the “Strategic Technologies for Europe Platform” (STEP), aimed at propelling the EU’s competitiveness and resilience in crucial technological sectors. STEP focuses on digital and clean resource-efficient projects, including net-zero).

The Parliament successfully secured enhanced democratic oversight mechanisms for the Ukraine Facility. This paves the way for the potential use of frozen Russian assets to support Ukraine, further solidifying the EU’s commitment to the country.

The revised MFF garnered broad support from the Parliament, reflecting their dedication to establishing a robust and adaptable budgetary framework that effectively addresses both current and emerging challenges. This development marks a significant step forward, solidifying the EU’s commitment to supporting Ukraine, fostering innovation, and tackling key challenges facing the bloc.