Brussels (Eurotoday) – The European Council has approved the second payment of over €4.2 billion under the Ukraine Facility to support its financial stability.
According to a press release of the European Council, Ukraine will soon welcome over €4.2 billion in funds after the EU Council approved the second regular payment of grants and loans under the EU’s Ukraine Facility, to help Ukraine’s macro-financial stability and the functioning of its public administration.
What reforms did Ukraine complete to receive the second payment?
In a decision assumed today on 9 Dec 2024, the EU Council figured that Ukraine had fulfilled the necessary conditions and reforms envisaged in the Ukraine Plan for obtaining the funds, which will be paid from the Ukraine Facility. The Council also emphasised the importance of allocating the money as soon as possible, given the challenging fiscal situation in Ukraine.
The Ukraine Plan outlines Ukraine’s intentions concerning the recovery, reconstruction and modernisation of the country and the reforms it intends to undertake as part of its EU accession process in the next four years. In May 2024 the EU Council concluded that the Ukraine Plan fulfilled the preconditions for Ukraine to receive up to €50 billion in support under the Ukraine Facility, and in August the first EU instalment was paid.
How does the Ukraine facility support the country’s long-term recovery?
The Ukraine Facility, which came into force on 1 March 2024, envisions up to €50 billion of stable financing, in donations and loans, to support Ukraine’s recovery, reconstruction, and modernisation for the duration of 2024 to 2027. Of this, up to €32 billion is indicatively committed to support reforms and investments set out in the Ukraine Plan, whereby disbursements will be prepared on the delivery of identified indicators.
Since it entered into force, the Ukraine Facility has already disbursed €6 billion by way of bridge financing, €1.89 billion in pre-financing, and a first instalment of nearly €4,2 billion, of which €1,5 billion in the form of non-repayable financial support and over €2,6 billion in the form of loans.
Comments
3 responses to “EU Council Approves Second €4.2 Billion Payment to Ukraine”
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Looks like the EU’s got a new hobby—throwing cash at Ukraine like it’s some sort of fiscal confetti. 🎉 Hope they’ve got a solid plan for all that dosh, or we might end up needing a fundraiser for their fundraiser! 💸😏
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Oh brilliant, another €4.2 billion to Ukraine – just what we need to keep the financial hamster wheel spinning! At this rate, we might as well start handing out gold stars for simply showing up to the reform party. 💸✨
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Just what Ukraine needs, another €4.2 billion to add to their collection of shiny euros; it’s not like they have any other pressing matters, right? 💸 At this rate, we might as well just start a GoFundMe for their public administration – could do with a new set of wheels! 🚕
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