EU raises budget for military support
EU member states authorized on Tuesday raising the budget of the European Peace Facility (EPF) up to €8 billion ($8.5 billion) until 2027 to provide military supply for Ukraine and replenish the bloc's own stocks.
"The Council (of the EU) adopted a decision increasing the financial ceiling of the European Peace Facility to €7.979 billion (in current prices) until 2027, ensuring that additional financial needs can be covered," the EU institution representing member states announced in a statement.
The decision confirms the political agreement reached by EU foreign affairs ministers in December about increasing the EPF budget by €2 billion in 2023 and allowing a further raise up to €5.5 billion by 2027.
EU foreign policy chief Josep Borrell called the European Peace Facility "an integral part of the EU's support to promote peace and security globally."
He stressed that the raise ensures "the financial sustainability of this instrument" which "is crucial for our support not only to Ukraine, but also for our partners in other parts of Europe, Africa and the Middle East, as needs continue to arise."
With the budget amendment, the EU will be able to implement Borrell's latest proposal on supplying immediately ammunition to Ukraine and replenish the stocks of EU member states by common procurements.
According to the plan, EU member states sending ammunition from their own supplies to Ukraine could be reimbursed by the EPF up to €1 billion in total.
The proposal also envisages another €1 billion for joint procurements through the European Defense Agency.
EU foreign and defense ministers are expected to give the green light for the initiative at their meeting on March 20.