EU ambassadors approve €4.2 bln in macro-financial aid to Ukraine through Ukraine Facility program
On July 24, the ambassadors of the European Union countries approved the allocation of macro-financial assistance for Ukraine in the amount of about 4.2 billion euros under the Ukraine Facility program. This money will go to support the financial stability and functioning of the state administration.
The Hungarian Presidency of the Council of the EU reported that on X.
"Today, the ambassadors approved the first tranche within the framework of the Plan of Ukraine of the Regulations on the Ukraine Facility credit fund, paving the way for the transfer of almost 4.2 billion euros to support the recovery, reconstruction and modernization of Ukraine," the message said.
Furthermore, it is mentioned that the Council of the European Union would be the next entity to approve the decision.
✅ Today, Ambassadors adopted the first instalment under the Ukraine Plan of the Ukraine Facility Regulation, paving the way for the transfer of nearly €4.2 bn to support Ukraine's recovery, reconstruction, and modernisation. As a next step, the @EUCouncil will move ahead with a… pic.twitter.com/4XIG7iDMSl
— Hungarian Presidency of the Council of the EU 2024 (@HU24EU) July 24, 2024
For reference:
At the meeting of the European Council, all 27 leaders of the European Union reached a consensus decision regarding the adoption of the Ukrainian Fund in the multi-year EU budget for 2024-2027 in the amount of €50 billion. Before that, Hungary blocked the adoption of the decision.
It was announced on May 14 that the Council of the European Union has finally approved Ukraine's plan, which is crucial for implementing the EUR 50 billion Ukraine Facility program. The Cabinet of Ministers, Ukraine's government, anticipates attracting 16 billion euros this year.
On May 22, Ukraine's First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko and EU Commissioner for European Neighborhood Policy and Enlargement Negotiations Olivér Várhelyi signed a Framework Agreement for the European Union's financial support in implementing the Ukraine Facility.
Ukraine received the first tranches without conditions, and the basis for receiving the next ones is the implementation of a defined reform plan in a number of areas. These reforms include:
- public finance management,
- management of state enterprises,
- business environment,
- energy,
- demining.
Once approved by the Council of the EU, this decision will increase the total volume of EU funding allocated to Ukraine since the start of the Fund's work in March of this year to 12 billion euros.
The EU is also creating a body to control financing within the Ukraine Facility.
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