The European Commission has published a decision to establish an Audit Council that will assess the effectiveness and monitor the use of financial assistance provided to Ukraine under the EUR 50 billion Ukraine Facility program, UNN reports.
"The Audit Council should be established within the framework of the Ukrainian Mechanism to improve the effectiveness of Ukrainian management and control systems for the Union's financing and, in particular, to prevent fraud, corruption, conflicts of interest and irregularities," the decision states.
EU launches investment instrument of the Ukraine Facility program: what is expected11.06.24, 15:05
In addition, the Audit Council should be established as a matter of urgency so that Ukraine can submit its first payment request.
The Audit Council of the Ukrainian Foundation is established for the period from the date of adoption of this decision until June 30, 2028.
What else is known?
The decision states that the Audit Council will consist of three members and will be based in Brussels.
Recall
The Ukraine Facility mechanism envisages attracting 50 billion euros from 2024 to 2027, subject to the successful implementation of the Ukraine Plan. Most of these funds are loans.
Under the Framework Agreement, Ukraine is committed to ensuring a high level of transparency in the use of funds.