European Parliament approves revision of long-term budget with billions to aid Ukraine

In a set of votes on February 27, the European Parliament on Tuesday approved the revision of the EU’s long-term budget – the multiannual financial framework (MFF), including 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 favour, 67 against and 31 abstentions, will enable the EU budget to respond more effectively to evolving needs and unforeseen circumstances, the European Parliament said in a statement.

“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 European 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 February 6.

The MFF revision also establishes the Ukraine Facility, approved with 536 votes in favour, 40 against and 39 abstentions, with an overall capacity of 50 billion euro for grants, loans and guarantees

The STEP platform was approved with 517 votes in favour, 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, the European Parliament said.

These fields include digital technologies, clean and resource-efficient technologies, such as net-zero technologies, and biotechnologies.

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