Kyiv delivers on all Q2 commitments under Ukraine Facility - economy ministry

This was reported by Ukraine’s Ministry of Economy, Ukrinform saw.

"Ukraine implements on time and in full the indicators scheduled under the Ukraine Facility. This opens up the program funding for us. In addition, we have also signed all additional agreements with the EU, which allow us to receive the corresponding funds according to the schedule agreed. We hope for a positive assessment of the indicator performance by the EU. These steps allow us to confidently work on comprehensively developming the national economy," the press service quotes First Deputy Prime Minister, Minister of Economy Yulia Svyrydenko as saying.

As noted, a positive assessment by the European Union will allow Ukraine to receive the next part of macro-financial support in the amount of EUR 4.11 billion in September.

The Ministry of Economy noted that throughout July, the European Commission is expected to draft and approve a report on Ukraine's implementation of indicators for the second quarter of 2024. After that, within the next two months, the EU member states are to approve the decision to provide the appropriate funds to Ukraine.

The press service also reported that during the second quarter of 2024, Ukraine fulfilled nine indicators laid down in the Plan for the Ukraine Facility. These include the approval of the digitalization plan for the State Customs Service; approval of the Budget Declaration for 2025-2027; approval of the Action Plan for the implementation of the Road Map on reforming the management of public investment; appointment of a new head of the National Agency for Corruption Prevention; entry into force of the Law on Corporate Governance for State Companies; revision of the legal framework on the Bureau of Economic Security; development and approval of the Integrated National Energy and Climate Plan; adoption of the Building Thermal Modernization Strategy until 2050 and the Action Plan for its implementation; and entry into force of the strategic document on mine action until 2033.

According to the Plan for the Ukraine Facility, during the 3rd quarter of 2024, Ukraine plans to deliver on another nine indicators, which will allow the government to receive EUR 4 billion in November 2024, including EUR 1.5 billion in grants. In total, in 2024, Ukraine expects to receive EUR 16 billion in support, of which EUR 3 billion will be grant aid.

Memo:

The Ukraine Facility contributes to the stabilization of the macroeconomic and financial situation in the country and provides the required resources to support key sectors of the economy. This includes both private and public investment projects aimed at the recovery and development. EU support contributes to Ukraine's resilience in the fight against Russian aggression and helps ensure long-term sustainable growth.

As Ukrinform reported earlier, the Cabinet of Ministers on June 28 approved the financial agreement between Ukraine and the European Union, which regulates the receipt of grant aid within the Ukraine Facility in the amount of EUR 5.27 billion over the next four years.

Recently, Ukraine and the European Union signed an Agreement worth a total of EUR 27 billion for 2024-2027 within the framework of the Ukraine Facility. Ukraine will receive the next tranches on a quarterly basis, subject to the fulfillment of the indicators specified in the Plan.