Ministry of Economy of Ukraine
European Commission approves the Plan for the Ukraine Facility
19.04.2024 | 15:42 | Section for Public and Mass Media RelationsOn Monday, 15 April, the European Commission approved the Plan for the Ukraine Facility and invited the EU Council to adopt the document. EU member states now have one month to adopt the Implementing Decision proposed by the Commission, which will pave the way for the full launch of the Ukraine Facility programme.
“For the first time, Ukraine has a comprehensive economic development plan for the next 4 years. It is aimed at creating conditions for economic development and European integration in many areas of the country’s life. We are pleased to welcome the positive decision of the European Commission, which confirms our common vision of economic development of the country on the way to the EU. Following the adoption of the Implementing Decision by the EU Council, the European Commission will also be able to provide Ukraine with up to EUR 1.89 billion in pre-financing under the Ukraine Facility. In the future, Ukraine will receive regular payments for meeting the quarterly indicators set out in the Plan over the 4 years of the programme,” Yuliia Svyrydenko, First Deputy Prime Minister - Minister of Economy of Ukraine, noted.
In its decision, the European Commission assesses that the measures proposed in the Plan are in line with the objectives of the Ukraine Facility and have significant potential to boost economic growth, maintain macroeconomic stability, improve the fiscal situation and further Ukraine’s European integration.
Under the Ukraine Facility, Ukraine has already received EUR 4.5 billion of financial support in March 2024, and the next EUR 1.5 billion will be available to the state budget in April after confirmation of the fulfilment of the Plan indicators set for the bridge financing.
“Ukraine’s reform and investment strategy offers a solid foundation for rebuilding a more modern and prosperous Ukraine on its path to the EU. The European Commission’s positive assessment of the Plan will pave the way for regular disbursements under the Ukraine Facility. With today’s proposal, Europe is once again demonstrating that it will be with Ukraine for as long as it takes, standing ready to provide much-needed financial support,” Ursula von der Leyen, President of the European Commission, said.
The European Commission’s assessment of the Plan is based on the criteria set out in the Ukraine Facility regulation. In particular, the Commission has assessed that the Plan meets the objectives of the Ukraine Facility, the challenges associated with Ukraine’s accession to the EU, and the needs for recovery, reconstruction and modernisation in a targeted and balanced manner.
It is noted that the Plan identifies key reforms and areas for investment that can contribute to sustainable economic growth and attract financing to enhance the country’s growth potential in the medium and long term. It also contains a high-quality system of transparency, audit and control, which will also be strengthened as part of the envisaged reforms.
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