EU finally approves 4-year plan with €50 bln for Ukraine

The EU Council approved the launch of the Ukraine Facility, which allocates  €50 billion in aid to Ukraine for 2024-2027, finance ministry reports.

The day before, the European Parliament supported the decision on the Ukraine Facility, which was the final step in launching the instrument.

"I am grateful to our partners from the EU for the crucial decision to support Ukraine. Thanks to the further active work of the Government of Ukraine and representatives of the European Commission within the framework of the Program, Ukraine will confidently approach its European future," said Minister of Finance Serhii Marchenko.

The Ukrainian government claimed that it expects to receive the first payment under the Ukraine Facility program in the amount of €4.5 billion in March.

The European Parliament approved a €50 billion aid package for Ukraine under the newest program, which provides for transferring funds in 2024-2027.

During the meeting, the European Parliament adopted the final regulations to disburse funds after all 27 EU leaders agreed to allocate this package for Ukraine at the February 1 summit.

The EU Council and the European Parliament reached a preliminary agreement the day before to create a new special instrument to support Ukraine's recovery, reconstruction and modernization and its efforts to implement reforms on the path to EU accession.

At a meeting of the European Council, all 27 EU leaders reached a consensus decision to include the Ukraine Fund in the EU's 2024-2027 multi-annual budget of €50 billion. Before that, Hungary had blocked the decision.