ESBU and the Ukraine Facility Audit Board deepen cooperation on the oversight of EU fund utilization

 The Economic Security Bureau of Ukraine deepens its partnership with foreign partners to enhance control over the use of European aid funds in Ukraine. A Memorandum of Cooperation was signed between the Bureau and the Audit Board of the Ukraine Facility during a meeting between Taras Shcherbai, First Deputy Director of the ESBU, and Audit Board members.

The document provides for cooperation on monitoring the effective use in Ukraine of assistance from the European Union directed towards recovery, reconstruction, and modernization for 2024–2027.

"The recovery of Ukraine will occur provided foreign investments are received, and our task is to create a favorable and safe environment for this," noted Taras Shcherbai.

Members of the Ukraine Facility Audit Board highly appreciated the analytical capabilities of the Bureau, which can be directed towards strengthening the system of control and audit of EU funds in Ukraine. Proper oversight to prevent misuse of foreign partners' funds will strengthen institutional stability in the process of Ukraine's recovery and its integration into the EU.

For reference: The Ukraine Facility Audit Board is an independent body established by the European Commission in June 2024. Its main task is to ensure the transparent and effective use of EU funds directed towards the recovery, reconstruction, and modernization of Ukraine. The Board provides independent consultations, analyzes systemic processes, and provides recommendations to the European Commission and the Ukrainian authorities, which helps maintain high standards of program implementation and effective use of financial support.

Ukraine Facility is a financial support program for Ukraine by the European Union of up to 50 billion euros allocated for the period 2024-2027. The receipt of funds is linked to the implementation of specific structural reforms and investment projects.