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The European Parliament has supported the creation of a EUR 50 billion "Ukraine Facility" programme for 2024-2027

20.10.2023 | 11:51 | Section for Public and Mass Media Relations

On 17 October, the European Parliament supported a proposal to create the €50 billion fund, called the "Ukraine Facility," to support Ukraine over the period 2024-2027. Now, the relevant decision should be discussed trilaterally between the European Parliament, the Council of the EU and the European Commission, and then submitted for consideration by the parliaments of the EU member states. 

The "Ukraine Facility" programme is intended to lay the foundation for the rapid recovery and development of the Ukrainian economy. An integral part of the programme will also be the Ukraine Plan, for the preparation of which an interdepartmental working group has been set up, headed by First vice Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko. The Ukraine Plan will contain a programme of priority reforms and key steps to ensure economic development, reconstruction and modernisation, as well as to bring Ukraine closer to the EU. 

"The European Parliament has supported the European Commission's initiative to create a EUR 50 billion "Ukraine Facility". This is an interim decision, but no less important. The next step is to complete the work on the Ukraine Plan itself and submit it to the European Commission. We hope that next year, in the framework of the "Ukraine Facility", Ukraine will be able to receive EUR 18 billion to support macro-financial stability. I sincerely thank our partners for their consistent support of Ukraine," commented Yuliia Svyrydenko, First vice Prime Minister of Ukraine and Minister of Economy of Ukraine.

It is assumed that most of the funds (75%) will be allocated to the state budget to ensure macrofinancial stability. The second component of the programme (16%) is aimed at creating a special investment instrument to cover risks in priority sectors, which will also be identified in the Ukraine Plan. This will enable us to attract an additional investments of more than EUR 30 billion. To implement the programme, the Working Group is working on a comprehensive document – the Ukraine Plan – a programme of action and specific reforms for the next 4 years aimed at strengthening the economy, in particular through the development of key sectors, European integration, digitalisation and regional development.

The Plan is prepared in close cooperation with representatives of regional and local authorities, non-governmental organisations, businesses, experts and analytical centres. In addition, the Government holds regular consultations with representatives of the European Union and its member states. 

This financial instrument "Ukraine Facility" is part of the ongoing review of the EU's long-term budget in response to a series of crises that have occurred since 2021. Members of the European Parliament insist that this instrument should be approved as soon as possible, as part of the general budget review. It should also be included in the annual budget for 2024, which will be negotiated in November.

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