Cabinet approves reform plan to receive €50 billion from EU, including fight against corruption, "green" transition
The Cabinet of Ministers has approved a plan for the Ukraine Facility, a program under which Ukraine will receive 50 billion euros from the EU in 2024—2027, announced Prime Minister Denys Shmyhal.
This plan is the basis for providing financial support under the Ukraine Facility program. It contains structural reforms that are aligned with more than 100 quarterly indicators.
In particular, it refers to European approaches to public administration reform, the fight against corruption, and economic and sectoral reforms in various industries, from energy to agriculture. The document also outlines "cross-cutting areas" such as the The European Commission has unveiled the European Green Deal, under which Europe is to become the first climate-neutral continent by 2050. The green transition is a set of measures aimed at achieving this goal"green" transition, digitalization, and European integration.
Shmyhal noted that the plan was developed jointly with European partners to strengthen Ukraine and bring EU membership closer.
"In the near future, we will submit it to the European Commission. Thanks to the implementation of the reforms in the Ukraine Facility plan, Ukraine will be able to receive about 16 billion euros this year. We are grateful to the EU for its help and solidarity," Shmyhal said.
50 billion euros for Ukraine
On February 28, the Council of the European Union finally approved a multi-year assistance package for Ukraine – the Ukraine Facility. The program envisages providing Ukraine with 50 billion euros over the period of 2024-2027. Of this amount, 39 billion euros will be allocated to the state budget to strengthen macrofinancial stability. The rest will be used as a special investment instrument to cover risks in priority sectors, cover interest on loans, etc.
In early February, all 27 EU leaders agreed on this program, although, according to media reports, the EU had to compromise to persuade Hungary to do so.
The European Commission confirmed that Ukraine will receive the first tranche of the Ukraine Facility in March. The second installment will come in April.