EU Council finalizes €50 billion financial assistance plan for Ukraine

The Council of the European Union has given the green light to a four-year financial assistance plan for Ukraine.

Feb 29, 2024 - 16:10

EU Council finalizes €50 billion financial assistance plan for Ukraine

On 28 February, the Council of the European Union approved the mid-term budget review until 2027, which also includes the establishment of the Ukraine Facility, a four-year financial assistance plan worth €50 billion, Ukraine’s Ministry of Finance announced.

The decision of the Council of the European Union was the last step to approve changes to the EU’s medium-term budget. The changes will come into force within the next few days after publication in the Official Journal of the EU.

The Ukraine Facility is a tool to support Ukraine’s economic development and recovery, under which Ukraine will receive financial assistance “based on jointly agreed plans and priorities” of the Ukrainian government and the European Commission, Ukraine’s Ministry of Finance reported.

On 27 February 2024, the European Parliament also approved a €50 billion macro-financial support package for Ukraine at its plenary session. European Commission President Ursula von der Leyen said that the EU expected to disburse the first funds to Ukraine in March 2024.

The Ukrainian government confirmed that Ukraine would receive the first tranche of macro-financial support from the EU worth €4.5 billion euros under the Ukraine Facility program next month.

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