EU Council approves €4.2 billion for Ukraine

The Hungarian Presidency of the EU Council reports.

It is noted that after completing the written procedure, the EU Council adopted a decision allowing the first payment of almost €4.2 billion under the Ukraine Facility program.

"This decision supports the macro-financial stability of Ukraine and the functioning of its public administration," the statement says.

Ukraine's Prime Minister Denys Shmyhal thanked the EU Council for this decision and said that payments are expected in August 2024.

On July 24, EU ambassadors approved another €4.2 billion for Ukraine under the Ukraine Facility program.

What is the Ukraine Facility?

The Ukraine Facility is an instrument that allows Ukraine to receive financial and technical assistance from the EU totaling €50 billion in 2024-2027. Of this amount, €38.27 billion will be allocated for budget support, €6.97 billion for the investment fund, and €4.76 billion for technical and administrative support.

The EU finally approved the four-year support program for Ukraine on February 28. Subsequently, on March 18, the government approved the plan for the Ukraine Facility program. The European Commission called it a great achievement.

In early June, the Ukrainian parliament ratified an agreement with the European Union to receive funds under the Ukraine Facility initiative.

On July 9, Ukraine's First Vice Prime Minister and Minister of Economy Yulia Svyrydenko signed a financial agreement between Ukraine and the European Union regulating the receipt of grant assistance under the Ukraine Facility in the amount of €5.27 billion.

Subsequently, the European Commission approved another €4.2 billion in funding for Ukraine under the Ukraine Facility.