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€50 billion Ukraine grant must be backed by strong audit, says Sant
Labour MEP Alfred Sant joins political mainstream in voting in favour of €50 billion Ukraine grant facility
8 March 2024, 10:27am
Matthew Vella
Matthew Vella
2 min read
Labour MEP Alfred Sant
Labour MEP Alfred Sant voted in favour of the creation of a Ukraine grant facility that will advance some €50 billion to the country fighting off an illegal Russian invasion.
Sant said support for the Ukraine was a legitimate policy aim for the EU but emphasised that it had to be well-organised, efficient and subject to full accountability. “The proposed Regulation to establish the Ukraine facility is a good attempt to achieve these objectives and merits approval.”
The new Ukraine Facility, approved by MEPs with 536 votes in favour, 40 against and 39 abstentions, will provide stable and sustainable financing to support Ukraine's recovery, reconstruction, and modernisation, including key reforms necessary on its EU accession track. The overall amount of the Facility for the period of 2024-2027 is €50 billion. This amount is composed of €17 billion in grants and €33 billion in loans.
The Ukraine Facility grants direct support to the State budget based on a plan to be developed by Ukraine for the recovery, reconstruction and modernisation of the country, including a set of related reforms and investments; an investment framework to attract public and private investment for Ukraine's recovery and reconstruction, composed of guarantees and blended finance – a mix of loans and EU grants; and technical assistance and other support measures to the reforms, as well as grants covering the borrowing costs of loans to the Government of Ukraine.
Sant said that apart from the crucial EU commitment, it addresses the immediate needs stemming from the ongoing conflict in that country and will facilitate long-term reconstruction and modernisation efforts.
“Social, gender, and climate parameters defining the Regulation ensure that it reflects European shared values and priorities. It also incorporates measures to combat corruption and promote transparency,” Sant said, noting that the establishment of mechanisms for monitoring, scrutiny, and accountability underscores a commitment to responsible governance and effective oversight.
This article is part of a content series called Ewropej. This is a multi-newsroom initiative part-funded by the European Parliament to bring the work of the EP closer to the citizens of Malta and keep them informed about matters that affect their daily lives. This article reflects only the author’s view. The action was co-financed by the European Union in the frame of the European Parliament's grant programme in the field of communication. The European Parliament was not involved in its preparation and is, in no case, responsible for or bound by the information or opinions expressed in the context of this action. In accordance with applicable law, the authors, interviewed people, publishers or programme broadcasters are solely responsible. The European Parliament can also not be held liable for direct or indirect damage that may result from the implementation of the action.
Matthew Vella, a freelance journalist at MaltaToday, was formerly executive editor at Malt...
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