21.8 C
Rīga
Sunday, July 21, 2024
No menu items!
HomeEuropean UnionEuropean Parliament approves key budgetary support for Ukraine, EU

European Parliament approves key budgetary support for Ukraine, EU

The European Parliament on Tuesday approved long-term funding for Ukraine, the Strategic Technologies for Europe Platform (STEP), and associated major changes to the multi-year EU budget.

Parliament on Tuesday approved the revision of the EU’s long-term budget — the multiannual financial framework (MFF). This includes the 50 billion euro Ukraine Facility and the Strategic Technologies for Europe Platform (STEP), which aims to make the EU more strategically independent and to foster innovation.

This update of the MFF, approved with 499 votes in favor, 67 against and 31 abstentions, will enable the EU budget to respond more effectively to evolving needs and unforeseen circumstances. In particular, it bolsters the EU’s budget to deal with migration and external challenges as well as the EU’s crisis preparedness and budgetary flexibility.

In line with the parliament’s demands, the revision introduces a mechanism to tackle escalating costs linked to the repayment of the NextGenerationEU recovery plan amid rising interest rates. MEPs reached a deal with member states on the long-term budget on Feb. 6.

Parliament also adopted a resolution on the revision of the MFF regulation by 422 votes in favor, 101 against and 101 abstentions.

The MFF revision also establishes the so-called Ukraine Facility, approved with 536 votes in favor, 40 against and 39 abstentions, with an overall capacity of 50 billion euros for grants, loans and guarantees, showing that the EU stands by Ukraine and will keep supporting it as long as it takes.

The Strategic Technologies for Europe Platform was approved with 517 votes in favor, 59 against and 51 abstentions. It is another part of the budgetary revision package and aims to consolidate and enhance Europe’s standing in crucial technological fields. These fields include digital technologies, clean and resource-efficient technologies, such as net-zero technologies, and biotechnologies.

The Multiannual Financial Framework (MFF) sets the annual limits on EU commitments in different policy areas and on overall annual payments for a period of seven years.

The current framework for 2021-2027 was adopted in 2020. The European Commission proposed a mid-term revision on June 20, 2023, including the establishment of the Ukraine Facility and the STEP.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Most Popular

Recent Comments