Ukraine's Parliament ratifies agreement with EU that determines conditions for €50 billion aid financing

The Verkhovna Rada (Ukraine’s Parliament) has ratified the agreement with the European Union on the so-called Ukraine Facility Plan, which defines the obligations for reforms for the period until 2027, which is a condition for the next tranches of macro-financial assistance from the EU totaling €50 billion.

According to Ukrainian MPs Yaroslav Zheliezniak, 320 votes (with 226 necessary to pass – ed.) were cast in favour of the agreement between Ukraine and the EU on special arrangements for the implementation of financing under the Ukraine Facility tool.

This completes the last requirement for the agreement to become operational.

Zheliezniak also mentioned that Ukraine is expected to get €16 billion in 2024, €12.5 billion in 2025, €7.25 billion in 2026, and €2.5 billion in 2027 based on the anticipated plan of payments of these sums of money, which follows the principle of "first actions, then money."

On 22 May, the EU and Ukraine signed a framework agreement for financing totaling €50 billion under the Ukraine Facility instrument.

The Ukrainian reform plan was accepted by the European Commission in the middle of April, and on May 14, representatives of member countries did the same.