Ukrainian Minister of Economy reveals timeline for EU to approve €50 billion for Kyiv
Photo: Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine (Vitalii Nosach, RBC-Ukraine).
Ukraine expects the European Union will finally approve the Ukraine Facility program, which provides for the allocation of EUR 50 billion to Ukraine, in April, according to Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.
She says the European Parliament had approved the regulations on the Ukraine Facility program on February 27. This means that the EU's support for our country will amount to EUR 50 billion and will be valid for the next four years.
According to the Minister, the approval of the program will strengthen the macroeconomic stability of our country and bring it closer to the European Union.
Svyrydenko clarifies that the regulations contain the final requirements for the program. But for the Ukraine Facility to come into force, it must be approved by the EU Council.
"We, as the government of Ukraine, have to finalize this Ukraine Facility plan and approve it, and then pass it on to our colleagues in the European Commission. We hope that this will happen in March, and the final approval of the plan by the EU is expected in April, and after that, the program will start working for us fully," the Minister says.
She adds that Ukraine expects to receive the first funds in March.
€50 billion for Ukraine
On February 1 this year, EU leaders at a special summit supported the initiative to provide Ukraine with €50 billion in financial assistance until 2027.
The funds will be provided under the Ukraine Facility program. It also stipulates that our country will fulfill several conditions for receiving the money.
Recently, Prime Minister Denys Shmyhal said following talks with EC President Ursula von der Leyen that the first tranche would be transferred to the Ukrainian budget this spring.
