Ukraine to receive €6 billion from the EU in the next two months

The government approved the documents regarding transitional financing through framework of the Ukraine Facility

The Ukrainian government has approved a draft memorandum and loan agreement under the Ukraine Facility to raise €6 billion in the spring of 2024. This was announced by Prime Minister Denys Shmyhal at a meeting of the Cabinet of Ministers, according to the Government Portal.

According to him, the adoption of these documents will allow to receive up to €4.5 billion in March this year and up to €1.5 billion in April.

The Ukraine Facility, which was launched by the EU, is a four-year program worth €50 billion. The Prime Minister reminded that it provides €38.2 billion in direct budget support, almost €7 billion to attract investment in the Ukrainian economy, as well as €4.7 billion in technical and administrative support, including reforms on the path to the European Union.

«This year we are seeking to receive about €16 billion from the EU. We are grateful to our European friends for this solidarity and assistance,» said Denys Shmyhal.

Last week, the European Parliament’s Committee on International Trade (INTA) unanimously supported the European Commission’s proposal to extend duty-free trade for Ukraine for another year, until June 2025, said Taras Kachka, Deputy Minister of Economy and Trade Representative of Ukraine.

As GMK Center reported earlier, the European Commission has proposed to extend the agreement on liberalization of road freight transportation (transport visa-free regime) with Ukraine and Moldova at least until the end of 2025. It is also considering adding new clauses to facilitate the implementation of the agreement and ensure its compliance by member states.