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16 Apr. 2024

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Ukraine in the EU: Europe approves reform plan to allocate 50bn euros in aid to Kyiv

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Ukraine in the EU: Europe approves reform plan to allocate 50bn euros in aid to Kyiv

As part of the Ukraine Facility programme, the Ukrainian government has developed a reform plan to receive 50bn euros of European aid. The European Commission, in its turn, recommended the member states of the bloc to approve this plan. Find out what reforms Kyiv is waiting for

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The European Commission has approved a reform plan under the Ukraine Facility programme. The move paves the way for regular and anticipated support for Ukraine of up to €50bn until 2027.


"Funding under the Facility will help Ukraine maintain administration, pay salaries and pensions, provide basic public services and support recovery and rebuilding while it continues to defend itself against Russian aggression," the European Commission stressed.


According to the European Commission's assessment, the reform plan "effectively meets the objectives of the Ukraine Facility by identifying key reforms and investments that can contribute to sustainable economic growth and attract investment to enhance the country's growth potential in the medium and long term".


The plan also provides a framework for Ukraine's recovery and contains adequate mechanisms to protect the EU's financial interests.


After the European Commission's assessment, the reform plan will require one month's approval by the EU member states. After that, the European Commission will be able to allocate up to €1.89bn in pre-financing before regular payments begin.




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What is the Ukraine Plan?


The Ukraine Plan defines 69 reforms and 10 investments, broken down into 146 qualitative and quantitative indicators. These reforms cover 15 areas, including energy, agriculture, transport, green and digital transition, human capital, as well as state-owned enterprises, business environment, public finance and decentralisation.


It is worth noting that in March 2024 Ukraine has already received the first tranche from the background in the amount of 4.5 billion euros.


Is Ukraine in the EU


Ukraine and Ukrainian citizens have long considered themselves part of the European family, but the EU has previously been slow to invite the Ukrainian state to join the bloc.


Ukraine formally applied for European Union membership on 28 February 2022, shortly after Russia launched a full-scale invasion. It was a significant step, emphasising Ukraine's desire to strengthen ties with the West and provide greater security and stability. 


The European Commission recommended that Ukraine be granted candidate status for accession as early as 17 June 2022, which was a surprisingly quick development given the usually lengthy application process. The move underlined the EU's solidarity with Ukraine in light of the military conflict and showed the bloc's willingness to support countries facing aggression and seeking democratic reforms.


Already on 23 June, Ukraine received the status of a candidate for membership in the European Union.


We remind you! Against the backdrop of the war in Ukraine, European countries have increased the production of weapons and launched some of the largest exercises in history. These facts may indicate the preparation of a direct clash with russia. What senior EU officials say on this matter and what warnings Europeans are receiving, read here.


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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