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EU Commission greenlights € 4.2 billion for Ukraine

This latest financial boost, part of the Ukraine Facility program, is pending final approval from the EU Council.

byYevheniia Martyniuk

17/07/2024

1 minute read

European Union Flags. Credit: Wikimedia Commons/Thijs ter Haar.

Flags of the European Union, Illustrative image. Credit: Wikimedia Commons/Thijs ter Haar.

EU Commission greenlights € 4.2 billion for Ukraine

The European Commission has approved a €4.2 billion aid package for Ukraine. This latest financial boost, part of the Ukraine Facility program, awaits final approval from the EU Council.

“Once adopted by the Council, this decision will bring to €12 billion the total EU funding disbursed to Ukraine since the Facility became operational in March this year,” reads the European Commision statement.

Ukraine’s progress in implementing crucial reforms played a key role in securing this funding. The country successfully met nine reform indicators, spanning public finance management, state-owned enterprise governance, business environment improvements, energy sector reforms, and demining efforts.

First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko, highlighted specific actions taken, including the digitalization of customs services, adoption of a forward-looking budget declaration, and implementation of anti-corruption measures.

Since the Ukraine Facility’s inception, the country has already received €7.9 billion. Looking ahead, Ukraine can expect further support, with the next installment anticipated in autumn 2024.

The Ukraine Facility was established on 1 February, 2024. The program provides €50 billion in financial and technical assistance over four years.

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