On 11 February, the European Commission announced the completion of the formation of the Ukraine Facility Audit Board, appointing three experienced professionals in the field of financial control and management.

The European Union established the Audit Board in June 2024 and it will operate until the end of June 2028. Its mission is to ensure the transparency and effectiveness of financial assistance under the Ukraine Facility. The programme envisages EUR 50 billion to be allocated to the Ukrainian budget for the period 2024-2027.

The Board is composed of:

• Professor Marek Belka (chair) – former President of the National Bank of Poland, an expert in macroeconomics and financial management.
• Gijs De Vries (deputy chair) – an audit and control expert with many years of experience in EU financial institutions.
• Gunnar Wälzholz (member) – a specialist in financial management who has worked in international organisations.

These appointments complete the composition of the Audit Board, which will soon begin its work in full.

“We are grateful to the European Commission for its close cooperation and special attention to the effective implementation of the Ukraine Facility. The completion of the formation of the Audit Board is an important step towards ensuring transparency and effective use of EU financial support. As the national coordinator of the programme, the Ministry of Economy remains open to cooperation with European partners. Together, we are working to fulfil our commitments to ensure timely funding of the Ukraine Facility programme and contribute to macroeconomic stability, recovery and long-term development of Ukraine,” said First Deputy Minister of Economy Oleksii Sobolev.

The format of the Board’s work includes regular visits to Ukraine and ongoing cooperation with the Government of Ukraine and international partners to strengthen the credibility of the Ukraine Facility programme. The Audit Board’s activities will be supported by a Secretariat in Kyiv, which includes experts in management, control and audit.

In the near future, the Board will start assessing the financial control system. The European Commission will regularly inform about the results of the work of the Audit Board, publish its conclusions and recommendations.

Background

The Ukraine Facility is an unprecedented EUR 50 billion financial support from the EU to Ukraine aimed at macroeconomic stability, reconstruction and modernisation of the country in the period 2024-2027. The Audit Board plays a key role in ensuring the efficiency and transparency of the Ukraine Facility programme.