European Parliament supports allocation of €50 billion for Ukraine

The European Parliament has approved the allocation of a €50 billion macro-financial assistance package to Ukraine by a majority vote.

Source: European Pravda with reference to press service of the European Parliament

Details: At the plenary session on 27 February, the decision was adopted with 536 votes in favour. 

A total of 40 European deputies were against, while 39 abstained from voting.

Background:

• On 1 February, EU leaders overcame Hungary's long-standing opposition and reached an agreement on allocating €50 billion of macro-financial assistance to Ukraine. The programme is designed to run for four years.
• On 22 February, the European Parliament committees supported the decision to create a multi-year financial assistance programme for Ukraine amounting to €50 billion. 
• Ursula von der Leyen, President of the European Commission, said that the EU expects to provide the first tranche of funds to Ukraine in March.
• Earlier, the Ukrainian government also indicated that Ukraine expects to receive the first tranche of macro-financial support payments from the EU, in the amount of €4.5 billion, under the Ukraine Facility programme in March.

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