The Cabinet of Ministers of Ukraine (the government) has approved the project of the Ukraine Facility plan for submission to the European Commission.

Source: Interfax Ukraine, citing Ukraine’s Prime Minister Denys Shmyhal, as reported by European Pravda.

Quote: “Today, we are approving the project of the Ukraine Facility plan for submission to the European Commission. Together with business, the public sector, the parliament’s members, and the regions, we have done much work on its creation. Currently, there are ongoing developments, to which the European Commission will still provide its comments and suggestions,” Shmyhal said at government meetings on 29 December.

Ukraine’s Prime Minister said that the final conditions of the program will be after the approval of the Ukraine Facility regulation by the European Council, the meeting of which is scheduled for 1 February 2024.

“The approval of the final version of the plan by the European Commission will give Ukraine access to a financial resource of € 50 billion for 4 years, of which € 39 billion will be aimed at ensuring macro-financial stability,” Shmyhal said.

Background:

• After the December EU summit, leaders of several EU countries assured reporters they would be able to reach an agreement on an € 50 billion financial support programme for Ukraine, with Hungary’s vote included, in January 2024.

• The European Union will hold a special summit to discuss the allocation of € 50 billion in additional assistance to Ukraine for a four-year period on 1 February 2024.

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