On March 19, 2024, the European Union allocated the first tranche of €4.5 billion to Ukraine under the Ukraine Facility program.
This was announced by the Prime Minister of Ukraine, Denys Shmyhal.
Overall, from 2024 to 2027, the EU will transfer €50 billion to Ukraine under this program.
The provision of funds is conditioned on Ukraine fulfilling a number of prerequisites:
- Continued democratic mechanisms;
- Rule of law;
- Guaranteeing respect for human rights. EU leaders will hold debates annually on the program, and every two years they may propose to the European Commission a review of the entire multi-year financial framework. The Cabinet of Ministers of Ukraine has adopted a plan for the Ukraine Facility program, which includes:
- Implementation of European approaches to public administration reform;
- Combatting corruption;
- Economic and sectoral reforms;
- Green transition;
- Digitalization;
- Euro-integration.
For the successful implementation of reforms, Ukraine may receive €16 billion as early as this year. Recall that on February 1, EU leaders reached an agreement to provide macro-financial assistance to Ukraine worth €50 billion. The program is designed for four years. Ukraine received the first tranche of €4.5 billion in March, and the second tranche of €1.5 billion is expected in April.
Photo: open sources
