The European Commission has transferred €4.2 billion as part of the Ukraine Facility program. This latest disbursement brings the total EU funding provided to the Ukrainian government under this facility to €12 billion.
The transfer follows a thorough review process where the EU Council endorsed the Commission’s assessment that Ukraine has successfully met nine reform indicators linked to this quarterly payment. These conditions span crucial areas including public financial management, state-owned enterprise governance, improvements to the business environment, energy sector reforms, and demining efforts.
European Commission President Ursula von der Leyen emphasized the importance of this support, stating, “The people of Ukraine are fighting an atrocious war. And at the same time they need functioning schools and hospitals, access to water and electricity, trains, roads and bridges to keep the country running.”
Key reforms implemented by Ukraine to secure this funding include:
- Legislation to reform the Economic Security Bureau, enhancing its effectiveness in combating tax evasion and economic crime.
- Adoption of new corporate governance standards for state-owned enterprises, aligning with international best practices.
- Implementation of a National Energy and Climate Plan, setting targets for reducing greenhouse gas emissions and increasing renewable energy use by 2030.
This financial assistance is part of a broader €50 billion package of grants and loans planned for 2024-2027 under the EU’s Ukraine Facility. The program aims to support Ukraine’s macro-financial stability, promote recovery, and aid in the country’s rebuilding and modernization efforts while implementing key reforms on its path to EU accession.
As President von der Leyen said, the EU and its member states have provided support of almost €114 billion to Ukraine since the start of Russia’s war against Ukraine, including military, humanitarian, and financial support.
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