The European Commission has adopted a proposal for providing financial assistance linked to the Ukraine Plan, Ukraine’s comprehensive reform and investment strategy for the next four years.
This paves way for regular financial support to Ukraine under the European Union’s Ukraine Facility. Financing under the EUR50 billion Facility will help Ukraine to keep its administration running, pay salaries and pensions, provide basic public services, and support recovery and reconstruction while it continues to fight against Russia’s aggression.
The payments will be disbursed subject to the implementation of the agreed reform and investment steps set out in the annex of the Council Implementing Decision. In addition, the Commission made it clear that financial support under the Ukraine Plan will be made available under the precondition that Ukraine continues to uphold and respect effective democratic mechanisms.
According to the Commission’s assessment, the Ukraine Plan effectively addresses the objectives of the Ukraine Facility, by identifying those key reforms and investments that can boost sustainable economic growth and attract investments, to amplify the country’s growth potential in the medium-to-long term. The Plan also provides a framework to guide the recovery, reconstruction and modernization of Ukraine.
European Commission President Ursula von der Leyen said Ukraine’s strategy for reforms and investments offers a solid basis to rebuild a more modern and prosperous Ukraine, on its path towards the EU. “The Commission’s positive assessment of the Ukraine Plan will pave the way for regular payments under the Ukraine Facility. With today’s proposal, we showcase once again that Europe stands with Ukraine for as long as it takes, and that we are ready to deliver much-needed financial support”.
The reforms proposed under the Ukraine Plan cover 15 areas including energy, agriculture, transport, the green and digital transition, human capital, as well as state-owned enterprises, the business environment, public finances, and decentralisation.
Copyright © 2024, RTTNews.com, Inc. All Rights Reserved.
