European Union (EU) leaders have given the green light to a financial assistance plan for Ukraine, known as the Ukraine Facility program. This program aims to support Ukraine in its recovery, reconstruction, and modernization efforts.
The EU Council announced that Ukraine has met the necessary preconditions to unlock a financial package of up to $54 billion. As part of the plan, an initial $2 billion in pre-financing will be provided to Ukraine until regular payments can commence. These payments will be contingent on Ukraine implementing the required reforms as part of its EU accession process over the next four years.
EU Council President Vincent van Peteghem emphasized the significance of the financial support, stating, “An important step has been made to deliver much-needed, regular and predictable financial support to Ukraine's recovery, reconstruction, and modernization over the next four years. The EU has once more confirmed its commitment to Ukraine’s stability and growth.”
Ukrainian Prime Minister Denys Shmyhal expressed gratitude to EU members for approving the plan. He anticipates that Ukraine will receive $17 billion within the next year through the program, which he believes will enhance the country's financial stability amid the ongoing conflict with Russia.
This financial assistance plan signifies a significant milestone in the EU's efforts to support Ukraine and promote stability in the region. The EU's commitment to providing long-term financial support underscores its dedication to Ukraine's development and prosperity.
