EU's €50 billion program: When Ukraine receives first funds
Yulia Svyrydenko, Minister of Economy of Ukraine (photo: kmu.gov.ua)
Ukraine expects to receive the first funds from the EU under the €50 billion Ukraine Facility program in March 2024, states Yulia Svyrydenko, Vice Premier and Minister of Economy of Ukraine.
"We hope to receive the first tranche in March in the amount of €4.5 billion. In the first year, we expect to receive €18 billion in direct budget support," the minister said.
Svyrydenko emphasized that the EU funds alone will not cover the deficit in Ukraine's budget.
"Therefore, we hope that our American partners will follow the EU's example," she added.
Ukraine Facility
On Thursday, February 1, EU leaders at a summit in Brussels agreed on a four-year, €50 billion program to support Ukraine called the Ukraine Facility. Hungarian Prime Minister Viktor Orban tried to block the program, but the EU and Budapest eventually reached a compromise.
According to President Volodymyr Zelenskyy, Ukraine expects to receive €18 billion in the first and second years of the EU program. According to the head of state, thanks to the EU's long-term support program, Ukrainians have financial guarantees for social stability.
