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EU backs Ukraine's reform plan, €1.89bn to be disbursed soon

14 May, 2024 Tuesday
15:50

The EU has supported the Ukrainian government's reform plan Ukraine Plan under the Ukraine Facility programme, which provides for the allocation of €50 billion to Ukraine

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This was announced by the Prime Minister of Ukraine Denys Shmyhal.

He noted that the approval of the plan will allow Ukraine Facility to be fully launched. In the near future, Ukraine will receive €1.89 billion.

"In total, this year we expect to attract €16 billion under the programme. This will strengthen our financial stability in the face of a full-scale war with Russia. We are grateful to Belgium, which holds the presidency of the EU Council, and the EU member states for their appreciation of Ukraine's plan and unwavering support," the head of the Ukrainian government wrote.

The Ukraine Facility is a tool that provides for the possibility of Ukraine receiving EU financial and technical assistance totalling €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.

  • On February 28, the EU finally approved a four-year support programme for Ukraine worth €50 billion. This is the Ukraine Facility, an instrument that will help the government of Ukraine finance its budget deficit, increase investment in the economy, and accelerate Ukraine's membership in the EU.
  • On March 18 , the government approved a plan for the Ukraine Facility programme. The European Commission called it a great achievement.
  • On April 15, the European Commission approved the Ukrainian government's Ukraine Plan reform plan under the Ukraine Facility programme, which provides for a €50 billion loan to Ukraine.
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