The European Commission has approved the Ukrainian government's reform plan under the Ukraine Facility, which provides conditions for receiving macro-financial assistance of €50 billion over the period 2024-2027.
According to the European Commission, the proposed reform plan effectively meets the objectives of the Ukraine Facility, which provide for key reforms and investments to promote sustainable economic growth and attract investment to increase Ukraine's development potential in the medium and long term.
It is noted that the plan also contains mechanisms to protect the financial interests of the European Union and is the basis for the recovery of Ukraine.
Following the Commission's assessment, the reform plan will need to be approved by EU member states within one month. After that, the European Commission will be able to allocate up to €1.89 billion in pre-financing before regular payments start.
Recall that on March 18, the Ukrainian government approved a reform plan for the Ukraine Facility, which is the basis for providing financial support from the European Union over a four-year program totaling 50 billion euros.
The Ukraine Plan includes 69 reforms and 10 investments, distributed across 146 qualitative and quantitative indicators covering 15 different areas, including energy, agriculture, transport, green and digital transitions, human capital, state-owned enterprises, business environment, public finances, and decentralization.
On March 20, the European Commission transferred the first tranche of the Ukraine Facility to Ukraine in the amount of 4.5 billion euros.
