EU disburses the first €4.5 billion of a €50 billion multi-year package to Ukraine
The European Union has disbursed the first tranche of €4.5 billion to Ukraine under the Ukraine Facility program. Between 2024 and 2027, the EU will transfer 50 billion euros under this program.
This was announced by the head of European diplomacy, Josep Borrell, at a briefing on March 20.
“Today we have also made the first disbursement of €4.5 billion under the Ukraine Facility, our €50 billion package to support Ukraine's recovery, reconstruction, and modernization,” he said.
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 over 2024-2027. Of this amount, 39 billion euros will be allocated to the state budget to strengthen macro-financial 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.
Meanwhile, the Cabinet of Ministers has approved a plan to fulfill the conditions for Ukraine to receive assistance under the Ukraine Facility. In particular, the plan includes European approaches to public administration reform, the fight against corruption, and economic and sectoral reforms in various industries, from energy to agriculture. In addition, the document spells out “cross-cutting areas”, such as the “green” transition, digitalization, and European integration.
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