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On Tuesday, 6 August, the Council of the European Union approved the allocation of EUR 4.2 billion in macro-financial assistance to Ukraine in the form of grants and loans under the Ukraine Facility programme, the Hungarian Presidency of the EU Council reported. The decision was made following a written procedure.
«This decision supports the macro-financial stability of Ukraine and the functioning of its public administration», — the statement said.
According to the press service of the EU Council, Ukraine has fulfilled the necessary conditions and reforms stipulated in the Ukraine Plan to receive the money. The Ukraine Plan sets out Ukraine’s intentions for recovery, reconstruction, and modernization, as well as the reforms it plans to implement as part of the EU accession process over the next four years. These reforms cover public financial management, management of state-owned enterprises, business environment, energy, and demining.
The EU Council also stressed the importance of disbursing the money as soon as possible, given the difficult financial situation in Ukraine.
In May 2024, the EU Council concluded that the Ukraine Plan meets the prerequisites for Ukraine to receive up to €50 billion in support under the Ukraine Facility. The EU approved the relevant programme on 28 February.