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Parliament ratifies EU Ukraine Facility framework agreement, Ukraine to receive more than $17 billion in 2024

by Elsa Court and The Kyiv Independent news desk June 6, 2024 2:29 PM 2 min read
The flag of Ukraine and the flag of the EU in Berlin, Germany on April 24, 2023. Photo for illustrative purposes. (Monika Skolimowska/picture alliance via Getty Images)
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Ukraine's parliament, the Verkhovna Rada, ratified on June 6 the terms for which Kyiv will receive 50 billion euros ($54 billion) in macro-finance support from the EU until 2027, known as the Ukraine Facility.

Prime Minister Denys Shmyhal announced later in the day that Ukraine would receive 16 billion euros ($17.4 billion) through the program in 2024.

The four-year Ukraine Facility allocates 33 billion euros ($36 billion) in loans and 17 billion euros ($18 billion) in grants, conditional on certain reforms that the Ukrainian government is obliged to carry out.

The EU approved the Ukraine Facility in February and the EU Council approved the framework agreement in mid-May, setting out the Ukrainian government's tasks for recovery, reconstruction, and modernization.

Shmyhal said in March that the reforms would cover "public administration, (the) fight against corruption, (and) economic and sectoral reforms in various spheres: from the energy to the agricultural sector."

According to lawmaker Yaroslav Zhelezniak, 320 MPs voted in support of the framework agreement.

Kyiv already received two pre-financing "bridge" tranches under the assistance plan: 4.5 billion euros ($4.8 billion) in March and 1.5 billion euros ($1.6 billion) in April.

Ukraine received EU membership candidate status in June 2022. In November 2023, the European Commission recommended the launch of accession talks with Kyiv.

The European Council then agreed to open accession talks with Ukraine the following month.

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