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Bloomberg: EU set to approve Ukrainian reform plan in May, unlocking billions in aid

by Sonya Bandouil April 12, 2024 2:16 AM 2 min read
A European Union (EU) flag next to the European Commission building in Brussels, Belgium, on Nov. 10, 2023. (Simon Wohlfahrt/Bloomberg via Getty Images)
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According to Bloomberg, the EU is set to approve Ukraine's reform plan in May, unlocking an additional 1.9 billion euros ($2.04 billion) in financial aid during late spring.

After approving the four year Ukraine Facility in February, the EU committed to sending 50 billion euros ($54 billion) to Ukraine over the next few years.

The package provides funding to Ukraine from 2024 to 2027, with 33 billion euros ($35.8 billion) available in loans and 17 billion euros ($18.5 billion) in grants.

Ukrainian officials presented a proposal last month including investment and reform strategies, aimed at unlocking a significant portion of the EU's financial assistance until 2027. The European Commission is examining Ukraine's reform agenda intended to secure financial aid, with no major concerns raised thus far.

Some of the agreed-upon reforms include adopting a strategy for public debt management, a review of government budget expenditures, and expanding the Specialized Anti-Corruption Prosecutor’s Office staff numbers.

As of March 20, the European Commission has allocated an initial 4.5 billion euros ($4.8 billion) to Ukraine, marking the first payment under the agreement.

EU finance ministers will likely further discuss Ukraine’s plan this Friday in Luxembourg.

"I am grateful to the EU partners for the important decision to support Ukraine," Ukraine's Finance Minister Serhii Marchenko said.

European Commission delivers $4.8 billion to Ukraine in first tranche of macro-financial assistance
“Today we also made the first payment of 4.5 billion euros under the Ukraine Facility, our 50 billion euro ($54 billion) package to support the recovery, reconstruction and modernization of Ukraine,” said Josep Borrell, the EU’s top diplomat.
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