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EU Council finally approves €50 billion aid package for Ukraine

EU Council finally approves €50 billion aid package for Ukraine Sergii Marchenko, Minister of Finance of Ukraine (Vitalii Nosach, RBC-Ukraine)
Author: Daria Shekina

The Council of the European Union has approved the launch of the Ukraine Facility program, within which Ukraine has been promised to receive 50 billion euros by 2027, according to the Ministry of Finance of Ukraine.

"I am grateful to our EU partners for their crucial decision to support Ukraine. With the further active work of the Government of Ukraine and representatives of the European Commission under the Programme, Ukraine will steadily move closer to its European future," said Minister of Finance of Ukraine Sergii Marchenko.

As reminded by the Ministry of Finance, the European Parliament recently supported the decision regarding the Ukraine Facility. However, for the program to take effect, it needed approval from the EU Council, which happened today.

50 billion euros for Ukraine

On February 1 of this year, EU leaders during a special summit supported providing Ukraine with 50 billion euros by 2027. The funds are to be provided within the framework of the Ukraine Facility program.

This program entails that our country must fulfill a number of conditions in order to receive the funds.

At the same time, as explained by Ukraine's First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko, the Ukraine Facility plan still needs to be finalized by the Cabinet of Ministers and submitted to the European Commission. Then the EU is expected to give final approval. The official expects this to happen in April of this year.

Ukraine plans to receive the first funds within the Ukraine Facility in March.

Yesterday, on February 27, sources from RBC-Ukraine reported that the European Commission has agreed to nearly double the assistance within the Ukraine Facility in 2024.