The Ministry of Economy published on March 20 the Ukraine Plan for the Ukraine Facility, the implementation of which will bring more than 50 billion euros of financial assistance from the EU.
.in_text_content_22 { width: 300px; height: 600px; } @media(min-width: 600px) { .in_text_content_22 { width: 580px; height: 400px; } }
Prime Minister of Ukraine Denis Shmigal presented the Ukraine Plan for the Ukraine Facility to the President of the European Commission Ursulie von der Leyen during a meeting in Brussels.
Ukraine has already received the first tranche of 4.5 billion euros, and will receive another 1.5 billion euros in April. Further funding will depend on the implementation of the Plan.
The document contains more than 150 indicators in 69 areas of reform, the implementation of which is planned for the period until 2027 and will become the basis for the implementation of the EU financial support program for Ukraine in the amount of 50 billion euros during 2024-2027.
It provides for a number of reforms in public administration, the fight against corruption, and sectoral reforms in various areas: from the energy and agricultural sectors to the green transition and digitalization.
Next, the plan for the Ukraine Facility will be sent for assessment by the European Commission and approval by a committee of EU member states, after which the Ukraine Facility program will finally come into force.
The plan was developed in full synchronization with key international partners and meets Ukraine’s international obligations. Representatives of business, public organizations, parliament, as well as representatives of the regions were also actively involved in the creation of the Plan, the government says.
This format of EU financial support will make it possible to provide Ukraine with funds during the war and stimulate the government to the necessary reforms, comments Gleb Vyshlinsky, executive director of the EU Center for Economic Strategies.
But it will be difficult for the government. At the same time, it will be necessary to comply with the terms of the Plan, negotiate and adapt legislation in preparation for accession to the EU, and also take care of the obligations of the IMF and the World Bank. Therefore, increasing the wages of key officials and civil servants to the market level should be one of the first reforms, the expert said.
The plan includes more than a hundred reforms in 15 areas that the government and parliament must implement over the next four years.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.