The European Parliament must approve the €50B Ukraine Facility program, previously approved by the European Council, during the plenary session scheduled for February 26-29, 2024. The first payment of €4.5B is expected in March, the Ministry of Economy noted.
The plan for the Ukraine Facility envisages the implementation of structural reforms in Ukraine. Tranches will be provided quarterly to fulfill the criteria defined in the Plan for carrying out the planned reforms. During 2024-2027, Ukraine will receive €33B in the form of loans and €17B in the form of non-refundable support within the framework of the new instrument, Ukrainian Reserve.
According to the summit’s results, based on the European Commission’s annual report on the program’s implementation the European Council will debate possible revisions to the program’s financial framework annually. This was a compromise to Hungarian Prime Minister Viktor Orbán in exchange for him not exercising his veto.