The Verkhovna Rada (the Ukrainian Parliament) ratified the agreement between Ukraine and the European Union regarding special mechanisms for the implementation of financing under the Ukraine Facility. It is the basis for the provision of four-year financial support from the European Union for €50 billion.
The MP from the "Voice" faction Yaroslav Zheleznyak reported this. 320 MPs voted for ratification — this was the last necessary step for the agreement to enter into force.
The Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy Danylo Hetmantsev explained that the agreement regulates the functioning of the National Coordinator Institute, the internal system of management and control in Ukraine, cooperation with European control bodies, the creation of the Audit Council, monitoring of the implementation of the Ukraine Facility by institutions, offices, agencies and bodies of the EU, as well as requirements for data collection, transparency and publicity.
The plan includes structural reforms, which correspond to more than 100 quarterly indicators. Among them are European approaches to the reform of public administration, to the fight against corruption, to economic and sectoral reforms in various spheres.
According to the estimated payment plan, Ukraine will receive €16 billion in 2024, €12.5 billion in 2025, €7.25 billion in 2026, and €2.5 billion in 2027.
€50 billion for Ukraine
On February 1, EU leaders agreed to allocate €50 billion in macro-financial assistance to Ukraine. The program is designed for four years. Ukraine will be able to receive funds for compliance with a number of prerequisites: the continuation of democratic mechanisms, including the multi-party parliamentary system and the rule of law, guaranteeing respect for human rights, in particular minorities.
The conclusions also suggest that EU leaders will debate the program every year, and in two years they can propose to the European Commission a review of the entire multi-annual financial framework.