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Укр Ukraine has received €1.5 billion from the EU: what does it mean for the country?
Ukraine received 1.5 billion euros as part of transitional financing of the Ukraine Facility, an EU aid program for a total of 50 billion euros. This is the second tranche of 16 billion euros that Ukraine should receive from the EU in 2024, reports Government Portal
- In order to receive the tranche, Ukraine successfully fulfilled 5 indicators:
• Adoption of the National Revenue Strategy for 2024-2030.
• Adoption of amendments to the law "On the Prosecutor's Office" and laws on strengthening the independence of the Special Anti-Corruption Prosecutor's Office.
• Additional measures to prevent and combat illegal income and terrorist financing.
• Measures to support the implementation of industrial parks as a tool for attracting investments to de-occupied territories.
• Bringing in compliance with the State Land Cadastre and the State Register of Real Property Rights.
"Transitional financing allows us to receive support even before the final launch of the Ukraine Facility", - noted First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yulia Svyridenko. "As part of the program, Ukraine already received 6 billion euros in March and April this year."
The European Commission positively assessed Ukraine's implementation of the indicators and confirmed the Ukraine Facility payment schedule for 2024-2028. In total, Ukraine should receive EUR 50 billion in aid over 4 years:
Direct budget support: EUR 38.27 billion (EUR 33 billion in loans, EUR 5.27 billion in grants)
Special investment instrument: EUR 6.97 billion
Technical support and loan interest coverage: 4.76 billion euros
Ukraine's receipt of EUR 1.5 billion as part of the transitional financing of the Ukraine Facility is evidence of the country's successful implementation of reforms and its desire for European integration. Financial support from the EU will help Ukraine overcome the consequences of the war and restore the economy.
Ukraine Facility payment schedule for 2024-2028 proposed by the European Commission:
- 2024: 16 billion euros
- 2025: 12.5 billion euros
- 2026: €7.25 billion
- 2027 year: 1.2 billion euros
- January 2028: 1.32 billion euros
Key figures of the Ukraine Facility Program:
- 1.5 billion euros: The amount of the second tranche of transitional financing of the Ukraine Facility.
- 16 billion euros: The total amount of assistance that Ukraine should receive from the EU in 2024.
- EUR 50 billion: The total amount of the Ukraine Facility program for 2024-2027.
- 38.27 billion euros: Amount of direct budget support to Ukraine.
- EUR 6.97 billion: The amount of the special investment instrument.
- EUR 4.76 billion: The amount of technical support and loan interest coverage
