EU finally approves EUR 50 billion support program for Ukraine
Kyiv • UNN
The EU Council approves a four-year, €50 billion aid plan called the Ukraine Facility to support Ukraine's economic recovery.
Today, on February 28, the Council of the European Union established the Ukraine Facility, a four-year assistance plan worth 50 billion euros. This was reported by the press service of the EU Council, UNN reports.
Details
The EU Council has approved the mid-term budget review until 2027, which also includes the establishment of the Ukraine Facility.
The decision of the Council of the European Union is the last step to approve the amendments to the EU's medium-term budget. They will come into force after publication in the Official Journal of the EU, which should happen in the next few days.
It is noted that 50 billion euros will be allocated for the Ukrainian Fund: 17 billion of them are grants, and the remaining 33 are loans.
To reduce the impact on national budgets, part of this funding, totaling €10.6 billion, will be covered by budget reallocations
Addendum
The Ministry of Finance of Ukraine explained that the Ukraine Facility is an instrument to support Ukraine's economic development and recovery, under which Kyiv will receive financial assistance "based on jointly agreed plans and priorities" of the Ukrainian government and the European Commission.
The Facility also includes a bridge financing mechanism, which, after signing the relevant international agreements, will open the way to obtaining the necessary financing in a shorter period of time before the Facility becomes effective. The Loan Agreement and Memorandum are expected to be signed in early March.
Recall
Prior to that, on February 27, the European Parliament also approved the allocation of a macro-financial support package for Ukraine in the amount of 50 billion euros.
