Under the Ukraine Facility program, the Council of the European Union approved the allocation of €4.2 billion in macro-financial assistance to Ukraine.
In a statement, the Hungarian Presidency of the Council of the European Union said that a written procedure led to the decision.
✅ Today, Ambassadors adopted the first instalment under the Ukraine Plan of the Ukraine Facility Regulation, paving the way for the transfer of nearly €4.2 bn to support Ukraine's recovery, reconstruction, and modernisation. As a next step, the @EUCouncil will move ahead with a… pic.twitter.com/4XIG7iDMSl
— Hungarian Presidency of the Council of the EU 2024 (@HU24EU) July 24, 2024
“The Council today adopted an implementing decision authorizing the first disbursement of almost EUR 4.2 billion under the Ukraine Facility. This decision supports Ukraine’s macro-financial stability and the functioning of its public administration,” the statement said.
The EU Council’s press service noted that Ukraine has fulfilled the necessary conditions and reforms outlined in the Ukraine Plan to receive the funds.
These reforms include public financial management, state-owned enterprise management, business environment, energy, and demining.
The EU Council also emphasized the importance of disbursing funds as soon as possible, given the difficult financial situation in Ukraine.
The Ukraine Plan outlines Ukraine’s intentions for recovery, reconstruction, and modernization, as well as the reforms it plans to implement as part of the EU accession process over the next four years.
In May 2024, the EU Council concluded that the Ukraine Plan met the prerequisites for Ukraine to receive up to €50 billion in support under the Ukraine Facility.
In a government meeting on Tuesday, Ukrainian Prime Minister Denys Shmyhal stated that Ukraine expects to receive a €4.2 billion tranche under the Ukraine Facility program in the near future.
In July, the EU ambassadors approved disbursement of the first €4.2 billion payment under the Ukraine Plan reform plan.
