EU forms supervisory board for Ukraine Facility
Pravda Ukraine
On 11 February, the European Commission announced the completion of the formation of the Audit Board for the Ukraine Facility, a mechanism designed to provide macro-financial assistance to Ukraine until 2027.
Source: press service for Ukraine’s Ministry of Economy, as reported by European Pravda
Details: On Tuesday, the EU executive body appointed the last three members of the Ukraine Facility Audit Board. They are Professor Marek Belka, the former president of the National Bank of Poland, audit and control expert Geis de Vries and financial management specialist Gunnar Weltzholz.
“These appointments have completed the formation of the Audit Board, which will soon begin its work in full,” the Economy Ministry explains.
The Ukraine Facility Audit Board was established in June 2024 to verify whether Ukraine is properly investigating potential cases of fraud, corruption, conflicts of interest and other irregularities related to expenditures.
The council’s work format involves regular visits to Ukraine and continuous cooperation with the Ukrainian government and international partners. It will remain in place until June 2028.
The Ukraine Facility programme, which came into force on 1 March 2024, provides up to €50 billion in stable funding in the form of grants and loans to support Ukraine’s recovery, rebuilding and modernisation for the period from 2024 to 2027.
Kyiv previously noted that it expects to receive €12.5 billion from the EU in 2025 under the Ukraine Facility.
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