European Commission approves Ukraine's reform plan for allocation of 50 billion euros
The flag of Ukraine and the European Union (Photo: Depositphotos)

The European Commission has approved the Ukrainian government's reform plan, which will pave the way for the allocation of 50 billion euros to Ukraine under the Ukraine Facility program, reported the press service of the body.

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The European Commission noted that they positively evaluate the Ukrainian plan for the comprehensive strategy of state reforms and investments for the next four years.

"Financing under the Facility will help Ukraine to keep its administration running, pay salaries and pensions, provide basic public services, and support recovery and reconstruction while it continues to defend itself against Russia's aggression," the body said in a statement.

Payments will be made, as noted by the European Commission, subject to the implementation of agreed steps regarding future reforms and investments, as well as compliance with democratic mechanisms.

According to the assessment of the EU executive body, the Ukrainian reform plan meets the goals of the Ukraine Facility, which will contribute to sustainable economic growth and attract investments to strengthen the country's development potential in the medium and long term.

The plan identifies 69 reforms and 10 investments, divided into 146 qualitative and quantitative indicators, which cover 15 areas, including energy, agriculture, transport, "green" and digital transition, human capital, as well as state-owned enterprises. business environment, public finances and decentralization, the European Commission said.

"The Commission's positive assessment of the Ukraine Plan will pave the way for regular payments under the Ukraine Facility. With today's proposal, we showcase once again that Europe stands with Ukraine for as long as it takes, and that we are ready to deliver much-needed financial support"," said EC head Ursula von der Leyen.

On February 27, the European Parliament approved the provision of 50 billion euros in aid to Ukraine for the period 2024-2027.

On February 28, the EU Council finally approved the Ukraine Facility program.

On March 18, the Cabinet of Ministers approved the plan for the Ukraine Facility and submitted it to the European Commission.

On March 20, Ukraine received the first tranche of 4.5 billion euros under the new financial assistance program of the European Union.

On the same day, the Ministry of Economy published the text of the Ukraine Facility plan, which is the basis for the provision of financial support for Ukraine by the European Union.