AGL 38.19 Increased By ▲ 0.17 (0.45%)
AIRLINK 210.25 Increased By ▲ 12.89 (6.53%)
BOP 9.70 Increased By ▲ 0.16 (1.68%)
CNERGY 6.35 Increased By ▲ 0.44 (7.45%)
DCL 9.00 Increased By ▲ 0.18 (2.04%)
DFML 37.65 Increased By ▲ 1.91 (5.34%)
DGKC 99.00 Increased By ▲ 2.14 (2.21%)
FCCL 35.60 Increased By ▲ 0.35 (0.99%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 14.43 Increased By ▲ 1.26 (9.57%)
HUBC 132.50 Increased By ▲ 4.95 (3.88%)
HUMNL 13.75 Increased By ▲ 0.25 (1.85%)
KEL 5.46 Increased By ▲ 0.14 (2.63%)
KOSM 7.14 Increased By ▲ 0.14 (2%)
MLCF 45.25 Increased By ▲ 0.55 (1.23%)
NBP 61.35 Decreased By ▼ -0.07 (-0.11%)
OGDC 221.40 Increased By ▲ 6.73 (3.14%)
PAEL 40.75 Increased By ▲ 1.96 (5.05%)
PIBTL 8.44 Increased By ▲ 0.19 (2.3%)
PPL 199.50 Increased By ▲ 6.42 (3.33%)
PRL 39.65 Increased By ▲ 0.99 (2.56%)
PTC 27.70 Increased By ▲ 1.90 (7.36%)
SEARL 108.40 Increased By ▲ 4.80 (4.63%)
TELE 8.55 Increased By ▲ 0.25 (3.01%)
TOMCL 36.60 Increased By ▲ 1.60 (4.57%)
TPLP 13.68 Increased By ▲ 0.38 (2.86%)
TREET 24.38 Increased By ▲ 2.22 (10.02%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 34.50 Increased By ▲ 1.53 (4.64%)
WTL 1.67 Increased By ▲ 0.07 (4.38%)
BR100 12,114 Increased By 387.5 (3.3%)
BR30 37,538 Increased By 1161.6 (3.19%)
KSE100 113,194 Increased By 3680.8 (3.36%)
KSE30 35,759 Increased By 1245.8 (3.61%)

STRASBOURG: EU lawmakers on Tuesday voted to speed up consideration of a law to boost ammunition production in Europe to the tune of 500 million euros ($550 million), due to efforts to supply Ukraine.

The decision should see the new legislation – termed the Act in Support of Ammunition Production (ASAP) – in place by the end of the year, MEPs and European Commission officials said.

The spending proposal, initiated by the commission, comes as the bloc seeks to supply one million artillery shells to Ukraine over the next 12 months, adding to a stream of military deliveries.

But shifting such large amounts of munitions to Ukraine has severely depleted stocks in EU member countries’ arsenals, creating the need for the new ammunition-production act.

Ukraine says it downed hypersonic Russian missile with US air defence system

Commission President Ursula von der Leyen, in a joint news conference in Kyiv with Ukrainian President Volodymyr Zelensky, said the ASAP law “will help member states to ramp up the production… and speed up the delivery of ammunition to meet Ukraine’s and member states’ needs”.

The draft legislation calls for tapping the EU’s European Defence Fund and another mechanism the commission has suggested creating under a July 2022 proposal called the European Defence Industrial Reinforcement through common Procurement Act.

Member states will also be asked to co-finance the new ammunition production lines making howitzer shells and missiles, and stepping up gunpowder output and refitting old ammunition.

The European Parliament’s biggest political group, the European People’s Party (EPP) – to which von der Leyen also belongs – called for ASAP’s legislative procedure to skip the usual parliamentary committee phase to “urgently” accelerate its adoption.

One of its MEPs, Christian Ehler, told the parliament as it voted for the truncated process that “we have to ramp up European production of the ammunition that is urgently needed in support of Ukraine in the war launched by Russia, but also for Europe itself”.

Comments

Comments are closed.