This agreement forms part of the transitional financing mechanism, with the European Union committing a substantial 50 billion euros to support Ukraine over the next four years. The initial tranche of 4.5 billion euros is set to bolster Ukraine's state budget by the end of March, with an additional 1.5 billion euros anticipated in April, contingent upon Ukraine meeting specific EU benchmarks. These benchmarks encompass enhancements in public finance management, anti-corruption measures, and the business environment. The European Commission will oversee the quarterly disbursement of funds, ensuring Ukraine's compliance with the agreed-upon reform indicators. Failure to meet these criteria could lead to a suspension of financial aid. The majority of the EU's four-year financial commitment will support Ukraine's budget, with smaller portions allocated to investment and technical assistance. This development follows the European Parliament's recent overwhelming endorsement of the 50 billion euros aid package for Ukraine.
Ukraine Secures 4.5 Billion Euros from EU in March
Wednesday, March 13, 2024
Ukraine has finalized an agreement with the European Union, securing a financial aid package totaling 6 billion euros
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