EU ambassadors to consider Ukraine Plan needed for Ukraine Facility, May 8
Ambassadors of the European Union member states will support the European Commission's positive assessment of the Plan for Ukraine on 8 May in order to approve the decision on its implementation by a qualified majority of votes of the EU Economic and Financial Affairs Council on 14 May.
The relevant information was disseminated on Tuesday in Brussels by the EU Council following a meeting of the EU Council on foreign affairs in the development sphere. “Ministers discussed the situation in Ukraine and the Plan for Ukraine to unblock disbursements under the first pillar of the Ukraine Facility for 2024-2027, conditional on the progress of Ukraine's reforms and investment program. EU support under the first pillar amounts to 38.27 billion euros (5.27 billion euros in the form of grants and 33 billion euros in the form of loans) out of the total amount of 50 billion euros under the Ukraine Facility,” the statement said.
The EU Council recalled that on April 15, the European Commission had already provided its positive assessment of the plan. “The Commission considers that the Plan meets the necessary criteria and represents a focused and well-balanced response to the objectives of the Ukraine Facility, while addressing the challenges on the path to (EU) accession and responding to Ukraine's needs for recovery, reconstruction and modernization,” the press release detailed.
Commenting on the issue, EU High Representative for Foreign Affairs and Security Policy Josep Borrell noted that “reconstruction and modernization are necessary as part of Ukraine's EU accession process.” “The plan includes key structural reforms, investment and improvements in public administration, the rule of law and the fight against corruption and fraud. The support of the member states will allow to make the payments planned under the Ukraine Facility,” he stated.
Ukraine Facility is a tool that provides for the possibility of Ukraine to receive financial and technical assistance from the EU in 2024-2027 for a total amount of EUR50 billion. EUR38.27 billion will be allocated for budgetary support, EUR6.97 billion for investment fund, EUR4.76 billion for technical and administrative support.
As is known, on March 18, the Cabinet of Ministers of Ukraine approved the plan for the Ukraine Facility and already on March 20 the document was submitted to the European Commission.