The Verkhovna Rada ratified the agreement between Ukraine and the European Union regarding special financing mechanisms under the Ukraine Facility.
Points of attention
- The Verkhovna Rada ratified the agreement with the EU to allocate €50 billion to Ukraine through the Ukraine Facility.
- The agreement provides for €16 billion in 2024, €12.5 billion in 2025, €7.25 billion in 2026 and €2.5 billion in 2027.
- The bailout conditions include structural reforms, anti-corruption and data transparency.
- The macro-financial assistance program envisages Ukraine's implementation of democratic mechanisms and protection of human rights.
- EU leaders will hold an annual debate on the program and may propose reviewing the financial framework after two years.
Parliament ratified the agreement with the EU for Ukraine to receive €50 billion
In particular, 320 MPs favoured ratification, the last necessary step for the agreement to enter into force.
The Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev, explained that the agreement regulates:
issues of functioning of the Institute of the National Coordinator;
internal management and control system in Ukraine;
cooperation with European control bodies;
creation of the Audit Board;
monitoring of Ukraine Facility implementation by EU institutions, offices, agencies and bodies, as well as requirements for data collection, transparency and publicity.
The plan includes structural reforms, which correspond to more than 100 quarterly indicators. Among them are European approaches to the reform of public administration, to the fight against corruption, to economic and sectoral reforms in various spheres.
According to the estimated payment plan, Ukraine will receive €16 billion in 2024, €12.5 billion in 2025, €7.25 billion in 2026, and €2.5 billion in 2027.
50 billion euros for Ukraine
On February 1, EU leaders agreed to provide Ukraine with €50 billion in four-year macro-financial assistance.
Ukraine will be able to receive funds for compliance with a number of prerequisites: the continuation of democratic mechanisms, including a multi-party parliamentary system and the rule of law, guaranteeing respect for human rights, particularly those of minorities.
The conclusions also suggest that EU leaders will debate the program every year. They can propose to the European Commission a review of the entire multi-annual financial framework in two years.
