Brussels approves Ukraine’s reform plan
The European Commission (EC) has endorsed the reform plan proposed by the Ukrainian government, known as the Ukraine Plan, within the framework of EU’s Ukraine Facility aid program, the EC announced on April 15.
The Ukraine Facility provides for EUR 50 billion ($53 billion) in financial assistance from the EU to Ukraine in 2024-2027.
The Commission's assessment says that the reform plan effectively meets the objectives of the Ukraine Facility by identifying key reforms and investments that could contribute to sustainable economic growth and attract investments to enhance the country's growth potential in the medium and long term.
Moreover, this plan serves as a foundation for Ukraine's post-war recovery and contains "adequate mechanisms" to protect the financial interests of the European Union.
After the Commission's assessment, the approval of EU member states is required, which is to happen within one month. Subsequently, the European Commission will be able to allocate up to EUR 1.89 billion ($2 billion) in preliminary funding before regular payments begin.
On March 18, Kyiv adopted the reform plan — a key requirement of the Ukraine Facility program, which itself was approved by the European Council on Feb. 1.
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