Ukraine expects in March to receive the first payment from the European Union in the amount of EUR 4.5 billion under the Ukraine Facility program approved by the European Council on Thursday, First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko said.

“The government is currently working on an appropriate transition financing agreement with European partners,” she wrote on Facebook.

Svyrydenko clarified that the European Council, after approval on Thursday, must, during a trialogue with the European Commission and the European Parliament, agree on the final conditions of the program, after which the Ukraine Facility regulations will be approved by the European Parliament at the plenary session, which will take place on February 26-29.

The first deputy prime minister emphasized that the program was created according to the model by which the EU finances its members, and recalled that in preparation for the Ukraine Facility, the Ukrainian side worked on the Ukraine Plan to implement this program.

“When the European Parliament approves the regulations, we will take into account its final conditions in the plan. Our consultations with European partners have continued since the beginning of work on the document, and we will jointly complete its preparation in accordance with the adopted program,” she said.

According to Svyrydenko, after approval by the government, the document will be submitted for consideration to the European Commission, and final approval from the EU will allow the program to be launched soon.

“Of course, there is still a lot of work to be done. Because in order to receive funds quarterly, we will fulfill the indicators of the plan. Today we can definitely say that we have become one step closer to economic sustainability in the next four years. But the main thing is one step closer to the European family,” she summed up.

As reported, Ukraine expects to receive EUR 18 billion from the Ukraine Facility to finance the 2024 state budget deficit, which in total allocates EUR 50 billion for 2024-2027, including EUR39 billion for budget financing.

The Ministry of Finance estimates the total external financing needs of the 2024 state budget of Ukraine at $37 billion.