EU Ambassadors to review Ukraine Plan required for Ukraine Facility on May 8
Ambassadors of the European Union member states will support the European Commission's positive assessment of the Ukraine Plan on May 8, with a view to approving the decision on its implementation by a qualified majority vote of the EU Economic and Financial Council on May 14.
The relevant information was disseminated on Tuesday in Brussels by the Council of the EU following a meeting of the Foreign Affairs Council (Development). "Ministers held a discussion on the situation in Ukraine and on the Ukraine Plan, aimed at unblocking the disbursements under the first pillar of the Ukraine Facility for 2024-2027, conditioned by the progress of Ukraine's reform and investment agenda. The EU's support under the first pillar amounts to EUR 38.27 billion (EUR 5.27 billion in grants and EUR 33 billion in loans) of the total amount of EUR 50 billion under the Ukraine Facility," the report notes.
The EU Council recalled that on April 15, the European Commission had already provided its positive assessment of this plan. "It considered that it meets the necessary criteria and constitutes a targeted and well-balanced response to the objectives of the Ukraine Facility, while addressing the accession track challenges and responding to Ukraine's recovery, reconstruction and modernisation needs," according to the press release.
Commenting on this issue, EU High Representative for Foreign and Security Policy Josep Borrell said "reconstruction and modernisation are needed as part of Ukraine’s EU accession process. The plan encompasses key structural reforms, investment and improvements in public administration, the rule of law and fighting corruption and fraud. The support of member states will enable the payments planned as part as the Ukraine Facility," he said.
Ukraine Facility is an instrument that provides for the possibility of Ukraine receiving financial and technical assistance from the EU in the total amount of EUR 50 billion in 2024-2027. Of this, EUR 38.27 billion will be allocated for budgetary support, the investment fund – EUR 6.97 billion, and technical and administrative support – EUR 4.76 billion.
As it is known, on March 18, the Cabinet of Ministers of Ukraine approved the plan for the Ukraine Facility and on March 20, the document was submitted to the European Commission.
