Cabinet of Ministers approves plan helping Ukraine receive €50 billion aid

The Cabinet of Ministers
The Cabinet of Ministers
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The Cabinet of Ministers of Ukraine has approved the Ukraine Facility plan,developed with European partners to strengthen Ukraine and bring EU membership closer, announced Prime Minister Denys Shmyhal in Telegram on March 18.

"We will soon submit it to the European Commission,” Shmyhal said.

“Thanks to the implementation of the reforms of the Ukraine Facility plan, Ukraine will be able to receive about $17.4 billion this year."

Read also: Ukraine officials outline ambitious reform agenda, development targets required to get €50B from EU

"It is the basis for providing financial support under the program, which is designed for four years and has a total amount of $54.4 billion,” PM added.

“The plan contains structural reforms, which correspond to more than 100 quarterly indicators. These are European approaches to public administration reform, anti-corruption, economic and sectoral reforms in various industries, from energy to agriculture. In addition, the document outlines cross-cutting areas such as green transition, digitalization, and European integration."

The Ukraine Facility Plan is a technical document required to implement the EU's financial support program for Ukraine.

Earlier it was reported that in February 2024, the European Parliament approved the regulations of the Ukraine Facility program, according to which the amount of EU support for Ukraine in 2024-2027 will amount to $54.4 billion. Of this amount, €38.27 billion ($41.7 billion) will be allocated to support the state budget, €6.97 billion ($7.59 billion) to the investment fund, and €4.76 billion ($5.18 billion) to technical and administrative support.

Read also: EU continues efforts to provide sufficient funding to Ukraine while Kyiv intensifies bilateral negotiations - KSF experts

In November 2023, it was reported that the European Union could provide Ukraine with an advance of about €7 billion ($7.62 billion) to maintain macrofinancial stability.

The advance was promised after the approval of the $54.4 billion Ukraine Facility program for 2024-2027 in mid-December or January and the subsequent prompt approval of the Ukraine Plan with the conditions to be met for the disbursement of funds.

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