Oireachtas Joint and Select Committees

Wednesday, 29 November 2023

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Committee Stage

Photo of Jennifer Carroll MacNeillJennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

As the Deputy knows, the EU is currently considering the multi-annual financial framework, MFF, which is not anywhere close to being agreed at this point. However, the proposal within the MFF does envisage a new special instrument, namely, the Ukraine reserve, for an amount of €17 billion. In addition to that amount in grants and provisioning, the Ukraine facility would also cover €33 billion in loans, amounting to a total levy of support under the Ukraine facility of €50 billion. That is under the current EU discussions regarding the MFF. There is a very strong view, which is correctly held, that this money should be targeted at Ukrainian response and should not be diverted into other parts of the EU budget. It is very important that this happens. As the Deputy knows, the current multi-annual financial framework programme concludes at the end of 2023. It is important, therefore, that the next MFF is agreed in advance of that in order that there is certainty going into 2024 regarding the provision by the EU of funding for Ukraine. However, that has not been agreed yet. It is not, therefore, possible for me to speak to it beyond that at this stage.

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