European Commission Approves Ukraine's 50 Billion Euro Reform Plan
The European Commission has endorsed the reform plan proposed by the Ukrainian government under the name "Ukraine Plan" within the framework of the Ukraine Facility mechanism, which defines the conditions for receiving 50 billion euros in macro-financial assistance during the period of 2024-2027. This was reported on the European Commission's website.
The proposed plan outlines 69 reforms and 10 investments, divided into 146 qualitative and quantitative indicators. These reforms cover a wide range of areas including energy, agriculture, transportation, green and digital transition, human capital, as well as state-owned enterprises, business environment, fiscal discipline, and decentralization.
According to the European Commission's assessment, the "Ukraine Plan" aligns effectively with the goals of the Ukraine Facility, identifying key reforms and investments that will promote sustainable economic growth in the medium to long term. The Commission also noted that this plan serves as a foundation for Ukraine's recovery and includes adequate mechanisms to protect the financial interests of the European Union.
"The Ukrainian reform and investment strategy provides a solid basis for the revitalization of a more modern and prosperous Ukraine on its path to the EU. The positive assessment of the 'Ukraine Plan' by the European Commission will pave the way for regular disbursements under the Ukrainian Fund. With today's proposal, we once again demonstrate that Europe will stand with Ukraine as much as needed, and we are ready to provide this necessary financial support," said Ursula von der Leyen, President of the European Commission.
Following the positive evaluation by the European Commission, approval of the reform plan requires the consent of EU member states, which is expected within one month. Afterward, the European Commission will be able to allocate 1.89 billion euros as preliminary financing before the start of regular disbursements.
Additionally, The Gaze reported that energy ministers from European Union countries will meet in Brussels to discuss Ukraine's priority needs for maintaining energy security. The meeting will include Ukraine's Minister of Energy, Herman Halushchenko. Twenty-seven ministers will have a separate business lunch with NATO representatives, as the Alliance plays a crucial role in supporting the security of critical energy infrastructure, and cooperation with NATO on energy security issues, according to the minister, "is absolutely necessary."