Today the European Commission approved the Ukraine Plan within the framework of the E C Ukraine Facility Instrument for 2024-2027. This is stated in the message of the Ministry of Finance.
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This is an important step, opening the way for regular and predictable support for Ukraine from the EU.
The total amount of funds provided by the Ukraine Facility is 50 billion euros. Of these, 38.27 billion euros will be allocated for budgetary support, the investment fund – 6.97 billion euros, and 4.76 billion euros for technical and administrative support.
Ukraine Plan
In March 2024, the plan was approved by the Government of Ukraine. This is a specific list of structural reforms and measures that will contribute to the sustainable development of the Ukrainian economy, green transition, digital transformation and European integration.
According to the European Commission, the Ukraine Plan identifies key reforms and investments that promote sustainable economic growth and attract investment to strengthen the country's growth potential in the medium and long term. The Plan also provides a framework for the implementation of effective recovery, reconstruction and modernization of Ukraine.
The European Commission's assessment also found that the Plan offers adequate mechanisms to protect the EU's financial interests, ensuring effective implementation, monitoring and reporting on the implementation of the Plan and the use of funds.< /p>
After a positive assessment by the European Commission, the decision on the final approval of the Ukraine Plan must be taken by the Council of the EU. After the adoption of the Plan, 1.9 billion euros of unconditional funding are expected to be allocated to the state budget. Ukraine will receive the remaining budget support quarterly after the implementation of the indicators provided for in the Ukraine Plan and a positive assessment by Party E C of the implementation of such measures.
The Ministry of Finance of Ukraine is responsible for three areas of the Plan: public financial management, combating money laundering and financial markets.
Recall
The State Budget of Ukraine has already received the first tranche within the framework of transition financing in the amount of 4.5 billion euros in accordance with the financial instrument of the European Union Ukraine Facility. The transitional financing mechanism allows for urgent budget needs to be met until the final approval of the Ukraine Plan for the Ukraine Facility.
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