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Ukraine and EU signs Framework Agreement on Ukraine Facility

Ukraine and EU signs Framework Agreement on Ukraine Facility Photo: Yuliia Svyrydenko, Minister of Economy of Ukraine (Vitalii Nosach, RBC-Ukraine)
Author: Daryna Vialko

Ukraine and the European Union (EU) have signed a Framework Agreement on financing within the framework of the Ukraine Facility, according to the Minister of Economy of Ukraine Yuliia Svyrydenko.

According to the Ministry of Digital Transformation, the agreement defines the mechanisms of financial cooperation between Kyiv and the bloc, including:

  • management and control of funds within the framework of the Ukraine Facility;
  • joint measures to prevent corruption.

The next step is the ratification of the agreement by the Verkhovna Rada (Ukrainian Parliament). After that, the document will come into force.

“For the most part, it (the agreement) reflects the procedures that will be aimed at the efficient, transparent, and accountable use of financial resources, which is a necessary condition for further European integration,” the Minister explained.

It is noted that the agreement will provide for:

  • ensuring the transparent use of funds provided by the EU. This includes regular reporting, compliance with the sanctions requirements of the bloc, and more;
  • close cooperation between public authorities and EU institutions, which will facilitate European integration.

“The National Coordinator, namely the Ministry of Economy, will become the key body for interaction with the European Commission and will ensure effective management and monitoring of the use of funds provided by the European Union,” the Ministry added.

Ukraine Facility

In early February 2024, EU leaders agreed on a four-year assistance package for Ukraine at a summit in Brussels. The package is worth $50 billion. The same month, the European Parliament also approved the decision to establish the Ukraine Facility.

According to the head of the Servant of the People party, Olena Shuliak, the next tranche under the Ukraine Facility will depend on the Verkhovna Rada's adoption of a state administration law.