Ukraine ratifies EUR 50 billion EU agreement under Ukraine Facility program

European Union
European Union

Ukrainian Parliament ratified an agreement with the European Union, which is necessary to receive €50 billion under the Ukraine Facility program, announced Prime Minister of Ukraine Denys Shmyhal on Telegram on June 6.

Read also: Ukraine officials outline ambitious reform agenda, development targets required to get €50B from EU

Ratification was the “last step” for the program to start working, added Ukrainian PM.

In 2024, Ukraine will receive €16 billion under this initiative, Shmyhal said.

The Ukraine Facility is a four-year support program that provides for a number of reforms and transformations that bring Ukraine closer to EU membership.

Read also: Ukraine to receive $7.9 billion from U.S. for economic support

EU finally approved the Ukraine Plan on May 14, which is necessary for implementation of EUR 50 billion Ukraine Facility program.

Ukraine Facility program

In November 2023, it was reported that the European Union could provide Ukraine with about 7 billion euros to maintain macrofinancial stability in advance for Ukraine Facility program.

All 27 EU member states agreed on a four-year, €50 billion aid package for Ukraine on Feb. 1, which had been previously blocked by Hungary. The Ukraine Facility program provides €50 billion in EU support for Ukraine over 2024-2027. Of this amount, €38.27 billion will be allocated to support the state budget, €6.97 billion to the investment fund, and €4.76 billion to technical and administrative support.

Read also: Cabinet of Ministers approves plan helping Ukraine receive €50 billion aid

EU promised to allocate the advance after the approval of Ukraine Facility program in mid-December or January.

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