EU finally approves 4-year plan with €50 billion for Ukraine
On 28 February, the Council of the European Union has approved a medium-term budget review until 2027, including the establishment of the Ukraine Facility mechanism, a four-year assistance plan worth €50 billion.
Source: Council of the EU and the Ministry of Finance of Ukraine, as reported by European Pravda
Details: The Council of the European Union makes the final decision on changes to the EU's medium-term budget. They will take effect once published in the EU's Official Journal, which should happen within the next few days.
According to the Ministry of Finance, the Ukraine Facility is a tool for supporting Ukraine's economic development and recovery, and Kyiv will receive financial assistance on the basis of jointly agreed plans and priorities between the Ukrainian government and the European Commission.
Background:
- On 27 February, the European Parliament approved the allocation of a €50 billion macro-financial assistance package to Ukraine by a majority vote.
- According to European Commission President Ursula von der Leyen, the EU expects to provide Ukraine with its first funds in March.
- Earlier, the Ukrainian government also indicated that Ukraine expects to receive the first tranche of macro-financial support payments from the EU, in the amount of €4.5 billion, under the Ukraine Facility programme in March.
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