PURPOSE: to extend the mobilisation of a guarantee for financial assistance beyond the ceilings of the Multiannual Financial Framework (MFF) to Ukraine for financial assistance available for the years 2023 and 2024.
LEGISLATIVE ACT: Council Regulation (EU, Euratom) 2022/2496 amending Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027.
CONTENT: support to Ukraine following the Russian war of aggression is provided on an ad hoc basis for a limited period of time and requires considerable provisioning from the Union budget and Member States' guarantees.
In order to contribute, together with other international partners, to covering Ukraine's urgent financing needs, the EU has established a new instrument (Macro-Financial Assistance +). Under this instrument, a significant part of the envisaged financial assistance is to be provided in the form of loans.
Against the background of increased external instability, a structured financing solution for the years 2023 and 2024 is needed to ensure continuity of financial support to Ukraine.
To enable the EU to provide the necessary budgetary resources in a sustainable and rational manner, this Regulation amends Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework (MFF) for the years 2021 to 2027 to provide that where a guarantee is required for financial assistance to Ukraine which is available for the years 2023 and 2024 and authorised in accordance with the Financial Regulation, the necessary amount will be mobilised over and above the ceilings of the MFF.
In principle, the EU budget guarantee will cover short-term financial relief to Ukraine for an amount of up to EUR 18 billion as specified in the Regulation establishing an instrument for providing support to Ukraine for 2023 (macro-financial assistance +). The use of the macro-financial assistance during 2024 will be limited to disbursements in the first quarter of that year.
ENTRY INTO FORCE: 21.12.2022.