European Commission receives preliminary draft of €50 bln Ukraine Facility program
Photo: Government portal
Ukraine's government submitted to the European Commission a preliminary draft of the plan for the Ukraine Facility program, which provides assistance to Ukraine in the amount of 50 billion euros for the next four years.
Prime Minister Denys Shmyhal reported this during the government meeting.
As Shmyhal noted, the Ukraine Facility is a program of assistance to the country in the amount of 50 billion euros for the next four years with an emphasis on budgetary support.
To receive funds, Ukraine will implement several reforms and transformation projects.
The transferred achievements consist of 4 blocks, namely:
- macroeconomic scenarios that include building quality recovery institutions;
- essential reforms, such as public administration reform, public finance management measures, the fight against corruption, and reform of the justice system;
- economic reforms that involve enhancing the business environment, managing government-owned assets, investing in human resources, and implementing regional policies.
- vital economic sectors that will help Ukraine grow now and in the future.
"We are talking about the energy sector, the agricultural sector, logistics, IT, critical materials, and the processing industry," the prime minister added.
In particular, the plan will contain cross-cutting directions, including:
- European integration;
- digital transformation;
- green transition.
In particular, Shmyhal noted that the Ukraine Facility plan is not a general strategy for the economic development of the state.
This is a list of conditions for receiving assistance from the EU.
Today's work is not yet the final version of the document.
"This is an initial outline for initiating discussions with our European colleagues. We will carry on with the work together with international partners, civil society, and Ukrainian businesses," explained the prime minister.
For reference:
In June, the President of the European Commission, Ursula von der Leyen, announced the allocation of a package of financial assistance in the amount of about 50 billion euros to support Ukraine.
According to Bloomberg, the assistance should be provided through grants, soft loans, and guarantees for four years – from 2024 to 2027. At the same time, the amount of annual support will be less than the 18 billion euros that the EU is offering this year.
