"The Ambassadors approved the first tranche of the Ukraine Facility Plan for the Loan Fund Regulation for Ukraine, paving the way for the transfer of almost €4.2 billion to support the recovery, reconstruction and modernization of Ukraine," the statement reads.
"As a next step, the EU Council will start drafting a written procedure,”
Earlier it was reported that Ukraine already received €6 billion of transitional funding under the Ukraine Facility Plan and expects another €1.9 billion by the end of June, while the next tranches will depend on Kyiv's fulfillment of the terms of the Ukraine Plan.
In November 2023, it was reported that the EU could provide Ukraine with an advance of about €7 billion to maintain macrofinancial stability.
All 27 EU member states agreed on a four-year, €50 billion aid package for Ukraine on Feb. 27 which had previously been blocked by Hungary. The Ukraine Facility Plan, according to which the EU will support Ukraine in the period from 2024 to 2027 with 50 billion euros. Of this amount, €38.27 billion will be allocated to support the state budget, €6.97 billion to the investment fund, and €4.76 billion to technical and administrative support. The advance was promised to be disbursed after the approval of the €50 billion Ukraine Facility program for 2024-2027 in mid-December or January and the subsequent prompt approval of the Ukraine Plan with the conditions to be met for the disbursement of funds.
EU Council approved the Ukraine Facility Plan on May 14, developed by Ukraine together with its European partners for 2024-2027. This plan contains a list of structural reforms for this period, aimed not only at recovery and reconstruction, but also at promoting Ukraine's path to the EU and supporting the country's European integration processes.
Ukrainian Parliament on June 6 ratified the Framework Agreement between Ukraine and the EU on special mechanisms for the implementation of EU funding for Ukraine under the Ukraine Facility. This agreement was signed by the parties in late May and defines the principles of financial cooperation between the EU and Ukraine, in particular on the management and control of the use of funds under the Ukraine Facility. The institution noted that the agreement officially launched the implementation of the Ukraine Plan.