The European Commission approved decision on the creation of the Audit Council to evaluate the effectiveness and monitor the use of financial assistance to Ukraine within the framework of the Ukraine Facility program in the amount of 50 billion euros.
The aim of the initiative is to ensure transparency and prevent fraud, corruption and conflict of interest. The Council, which will be based in Brussels, consists of three members and will operate until June 30, 2028.
“The Audit Board should be established within the framework of the Ukrainian mechanism to improve the effectiveness of Ukrainian systems of management and control of Union funding and, in particular, to prevent fraud, corruption, conflicts of interest and violations“, – stated in the decision
In addition, the Board of Auditors must be established urgently so that Ukraine can submit its first payment request.
The EU launched the Ukraine Facility investment instrument at the beginning of June, providing for the attraction of 50 billion euros by 2027, provided that Ukraine successfully implements the Plan. Most of the funds will be provided in the form of loans.
