Ukraine will receive another €4.2 billion under the Ukraine Facility program

Author:
Liza Brovko
Date:

The ambassadors of the European Union (EU) opened the way for the first tranche under the Ukraine Facility program in the amount of almost €4.2 billion. The money will be used to restore and modernize Ukraine.

This was reported by the Hungarian Presidency of the Council of the EU.

The next step before Ukraine receives the money will be the consent of the Council of the European Union itself. In order to reach this stage, Kyiv carried out several reforms, including reforms of the Bureau of Economic Security (BES), energy, and corporate governance for state-owned companies.

According to the estimated payment plan, Ukraine will receive €16 billion in 2024. Three tranches have already arrived — €4.5 billion in March, €1.5 billion in April, and €1.9 billion in June. In 2025, the Ukraine Facility program provides for the payment of €12.5 billion, in 2026 — €7.25 billion, and in 2027 — €2.5 billion.

The Ukraine Facility is a €50 billion macro-financial aid to Ukraine, designed for four years. EU leaders agreed on it on February 1, 2024. Ukraine will receive money if it continues democratic reforms, guarantees a multi-party parliamentary system and the rule of law, and respects human rights.

Every year, European leaders will hold a debate on the program, and in two years they can propose to the European Commission a review of the entire multiannual financial framework.