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Ukraine to receive €1.89bn under Ukraine Facility soon

Overall, Ukraine expects to raise €16 billion this year.

Ukraine to receive €1.89bn under Ukraine Facility soon
Prime Minister of Ukraine Denys Shmyhal
Photo: Press service of the Cabinet of Ministers of Ukraine

The EU has finally approved Ukraine's plan to implement the €50 billion Ukraine Facility programme. Therefore, our country will receive almost €2 billion in the near future. 

This was announced by the Prime Minister of Ukraine Denys Shmyhal, as well as in a statement by the press service of the Ministry of Finance.

"The approval of the Plan allows us to fully launch the Ukraine Facility - our country will receive EUR 1.89 billion in the near future. In total, this year we expect to raise €16 billion under the programme," the Prime Minister said in a Telegram.

He added that these funds would strengthen Ukraine's financial stability in the face of a full-scale war with Russia. "We thank Belgium, which holds the presidency of the EU Council, and the EU member states for their appreciation of Ukraine's plan and unwavering support," Shmyhal added.

The Ministry of Finance added that the procedure for launching direct budget support under the first component of the Ukraine Facility is almost complete, and Ukraine will receive the rest of the budget support on a quarterly basis after fulfilling the indicators provided for in the Ukraine Plan. 

"The implementation of the plan's indicators will also provide a basis for the effective recovery, reconstruction and modernisation of Ukraine and bring it closer to EU integration," said Minister of Finance of Ukraine Serhiy Marchenko

The document was developed in accordance with EU standards and requirements in constant consultations with the European Commission. Many of the reforms envisaged are in line with other support programmes of the IMF and the World Bank, as well as with the European integration tasks, etc. 

The Ministry of Finance of Ukraine is responsible for three areas of the Plan: public financial management, anti-money laundering and financial markets. The Ministry of Finance is also a co-implementer in the sections on public asset management, human capital, business environment, decentralisation and regional policy, transport, agri-food sector, and critical materials management. 

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