Activities of Damian BOESELAGER related to 2024/0234(COD)
Shadow opinions (1)
BUDGETARY ASSESSMENT on the proposal for a regulation of the European Parliament and of the Council establishing the Ukraine Loan Cooperation Mechanism and providing exceptional macro-financial assistance to Ukraine
Amendments (16)
Amendment 2 #
Recital A a (new)
A a. whereas the financing needs of Ukraine are expected to significantly outstrip the current IMF projections, summing to at least a total of USD 38 billion for 2025;
Amendment 3 #
Recital A b (new)
A b. whereas Council Decision (CFSP) 2024/577 provides rules for setting aside extraordinary revenues stemming from immobilized Russian state assets to the Ukraine Peace Facility and the Ukraine Facility, considering that EUR 210 billion worth of Russian Central Bank assets are currently held by financial institutions in the EU;
Amendment 4 #
Recital A c (new)
A c. whereas the G7 leaders announced the launch of Extraordinary Revenue Acceleration Loans for Ukraine, to make USD 50 billion loan available to Ukraine, secured through immobilized Russian state assets;
Amendment 5 #
Recital A d (new)
A d. whereas the next tranche of the IMF’s loan to Ukraine is also linked to the entry into force of the current regulation
Amendment 9 #
Paragraph 3
3. Takes note of the proposal for the creation of a new macro-financial assistance instrument to the benefit of Ukraine, providing support of up to 35 billion, pending other contributions in the framework of the G7 agreement on “Extraordinary Revenue Acceleration Loans for Ukraine”, and with a duration of 45 years. Takes note that the Commission’s proposal seems therefore also based on the assumption that Russia’s assets will remain immobilized for 45 years, and various assumptions around the future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the EU.
Amendment 15 #
Paragraph 6 a (new)
6 a. Takes note that in order to operationalise the Ukraine Loan Cooperation Mechanism, the allocation of the amount paid by central security depositories as set out in Council Decision (CFSP) 2024/1470 and Annex XLI to Council Regulation (EU) No 833/2014 will have to be adjusted.
Amendment 16 #
Paragraph 7
7. Takes note of the future negotiation between the European Commission and Ukraine on the Memorandum of Understanding, which shall be consistent with the qualitative and quantitative steps contained in the Annex to the Council Implementing Decision (EU) 2024/1447 on the approval of the assessment of th eUkrain ePlan and any amendments thereofe Ukraine Plan and any amendments thereof. Takes note that the funds allocated through the Ukraine Loan Cooperation Mechanism are aligned with the assessment criteria established in Article 18 of the Ukraine Facility, to guarantee effective support and optimal use of resources of Ukraine’s recovery and development. Expects these to be fully met despite the short deadlines and calls on the Commission to pay particular attention to consulting the Verkhovna Rada and involving relevant stakeholders, including civil society organizations.
Amendment 19 #
Paragraph 8
8. Takes note on the derogation of Article 31(3), second sentence, of Regulation (EU) 2021/947, which implies that the External Action Guarantee will note be used to guarantee the borrowing of the amounts to be lentprovided in the first place as grants to Ukraine in the framework of this MFA, and consequently provisioning of guarantees for this MFA from the headroom.
Amendment 25 #
Paragraph 11
11. Takes note of the modalities of repayment, particularly of the waterfall structure to be established in the MFA Loan Agreement and the potential implications for the EU budget.
Amendment 26 #
Paragraph 12
12. Takes note of the provisions on the transmission of information to the European Parliament and Council, specifically within the framework of the annual budgetary procedure; acknowledges the urgency implementing the Regulation and calls for the relevant Draft Amending Budget (DAB) to include only the changes arising from the entry into force of this regulation; expects this proposal to provide an update on the borrowing plan as per Art 52 (d) (iii) third indent of Regulation (EU, Euratom) 2024/2509; the Parliament expects to be informed in a timely manner of the implementation of the borrowing as per Article 223 (b) of Regulation (EU, Euratom) 2024/2509 including any potential early repayments and the construction of a buffer, if applicable.
Amendment 29 #
Paragraph 12 a (new)
12 a. Takes note of the fact that the financial legislative statement states that the implementation of the proposal does not require any human resources or administrative expenditure. Expresses its doubts on whether the proposal is indeed implementable without administrative support from the Commission.
Amendment 30 #
Paragraph 12 b (new)
12 b. Takes note of the urgent need for additional Union financial support to address Ukraine’s current funding gap, noting that EUR 16 billion have been already mobilized under Pillar I of the Ukraine Facility to support the ongoing needs, and the remaining funds available are insufficient to meet the projected funding gaps for 2025 alone.
Amendment 36 #
Paragraph 14
14. Requests the European Commission to clarify the potential overlaps in the complementary funding provided by the Ukraine Facility and the MFA, in particular under Pillar I for 2025 and the MFA, as well as other bilateral loans.
Amendment 39 #
Paragraph 15 a (new)
15 a. Stresses that Union financial support to Ukraine from 2024 to 2027 should be provided under the Ukraine Facility through externally assigned revenues, to ensure sufficient involvement of the European Parliament, the Verkhovna Rada, and civil society; urges the Commission to reduce the complexity of support to Ukraine by setting up a unified, medium-term and sustainable support architecture with sufficient financing.
Amendment 40 #
Paragraph 16
16. Recalls that a new amendment of the MFF by unanimity would be required in order to extend the ability of the Union to treat the financial assistance to Ukraine in the same manner as financial assistance to Member States until the end of the current Multiannual Financial Framework. Underlines the need to urgently address the major security risks for Ukraine and the Union that stems from unanimity decision making on these matters.
Amendment 43 #
Paragraph 17
17. Regrets the urgency of this Regulation stemming partly from the lack of flexibility from the European Commission proposal on the amendment of the Multiannual Financial Framework and the Council Decision, in order to be co- decided by the European Parliament and Council within the legal deadline..