The Government of Ukraine approved the Plan for the Ukraine Facility and submitted it to the European Commission for consideration.
Ukraine Facility is a program of financial support for Ukraine from the EU in the amount of 50 billion euros, which will be directed to the Ukrainian economy during 2024-2027. Funds from European partners will not be able to fully cover the country’s budget deficit, but they will definitely make a significant contribution to the stability of our economy.
Why is this important?
The plan for the Ukraine Facility is a technical document necessary for the launch of the program. This is the first time that an integrated economic development plan for the next 4 years has appeared in Ukraine.
Reforms in the Plan for Ukraine Facility are divided into 3 main blocks: basic reforms, economic reforms, as well as key sectors, the rapid development of which will stimulate comprehensive economic growth. According to the Plan it is:
- energy sector
- transport and logistics for export
- agro-food sector
- critical materials
- IT sector
The implementation of the Plan will contribute to the European integration of Ukraine and the further sustainable development of the economy. It is undeniably positive that the EU is already starting to work with Ukraine as a full member of the community – the Ukraine Facility was created according to the model in which the EU finances its own members.
What is BRDO’s role?
Work on the Plan was carried out in close cooperation with the European Union.
The document was prepared by the Government under the coordination of the Ministry of Economy of Ukraine in constant consultation with representatives of the European Commission.
BRDO provided analytical support during the development of the Plan with the assistance of the Kyiv School of Economics within the framework of the project “EU support in reconstruction and recovery”. We also joined the consultations on the Plan, which the Government conducted with expert centres, business, the public, people’s deputies and representatives of the regions.
What’s next?
Now it’s up to the European partners: the EU must finally approve the Plan, which will allow the Ukraine Facility to fully operate. It is expected that this will happen already in April-May this year. Next, Ukraine and the EU have to conclude a series of agreements to receive the main funding within the framework of the program.
Ukraine Facility Plan and its brief presentation available at https://www.ukrainefacility.me.gov.ua