(VOVWORLD) - The European Union (EU) is ready to disburse 4.6 billion USD to Ukraine after the EU deemed the country's reform efforts satisfactory, the European Council (EC) said on Tuesday.
 In May 2024, the EC concluded that the Ukraine Plan fulfilled the preconditions for Ukraine to receive up to €50 billion in support under the Ukraine Facility. (Photo: AFP/VNA) |
According to a press release, the EC gave its green light to the first tranche of regular payments of grants and loans to Ukraine under the EU's Ukraine Facility.
The Council concluded that Ukraine had satisfied the necessary conditions and reforms envisaged in the Ukraine Plan for receiving the funds, which will be disbursed from the Ukraine Facility. These reforms cover public financial management, governance of state-owned enterprises, business environment, energy and de-mining.
The Ukraine Facility, from which the funds will be released, came into effect in March 2024. The program is expected to provide Ukraine with up to 50 billion euros in financial support for the 2024-2027 period.