The Committee of Permanent Representatives of the EU Member States made an important decision that can significantly affect the recovery and development of Ukraine. It recently became known that the European Union will provide Ukraine with the first tranche of economic aid in the amount of €4.2 billion within the framework of the Ukrainian Fund, which was included in the EU budget for 2024-2027.
This was announced by the Hungarian Presidency of the Council of the EU on the X social network.
As stated in the message, the decision of post-presidencies of the EU countries allows transferring a significant amount for the restoration, reconstruction and modernization of Ukraine. "Today, the ambassadors agreed on the first tranche according to the Ukrainian plan ... within the framework of the Ukrainian Fund, which paves the way for the transfer of about €4.2 billion for the recovery, reconstruction and modernization of Ukraine," the message reads.
This tranche is part of the Ukrainian Fund, created to support the economic recovery of Ukraine in the context of the ongoing conflict and reforms. The total amount of funding that will be allocated to Ukraine since the start of the fund's work in March this year will reach €12 billion, which confirms the serious approach of the EU to supporting Ukrainian efforts.
According to the decision of the European Commission, regular quarterly payments within the fund depend on Ukraine's fulfillment of pre-agreed requirements. The first regular payment follows previous interim and preliminary financings, indicating progress in the implementation of the recovery plan.
Funding covers important areas including public financial management, public enterprises, business environment, energy and demining. Ukraine will receive up to €50 billion in grants and loans in the period 2024-2027, which will provide the necessary resources to support and develop the country in post-war recovery.
