Brussels (The Brussels Morning Newspaper) – The EU Commission has issued a positive assessment for the foremost regular payment of close to €4.2 billion under the EU’s Ukraine Facility, to keep Ukraine’s macro-financial stability and the functioning of its public management.
Why Did Ursula von der Leyen Emphasize Support for Ukraine?
On the occurrence, European Commission President Ursula von der Leyen said, “The people of Ukraine are fighting an atrocious war. At the same time they need functioning schools and hospitals, access to water and electricity, trains, roads and bridges to keep the country running. This is why our European Ukraine Facility continues to provide vital support to face all of these challenges. And despite all the hardship, Ukraine is taking forward key reforms for its recovery and to advance on its EU path. This paved the way for the Commission’s green light of an additional payment of close to €4.2 billion to Ukraine,”
EU Commission president also voiced hope that the Council of the EU would quickly support such a decision. She assured that the EU would continue to support Ukraine for as long as it takes.
How Will the EU’s Payment Support Ukraine’s Stability?
According to the statement, the next tranche of almost EUR 4.2 billion will help Ukraine support Ukraine’s macro-financial stability and the functioning of its public administration. Once adopted by the Council, this decision will bring to EUR 12 billion the total EU funding disbursed to Ukraine since the Facility became operational in March this year
Standard quarterly payments under the Ukraine Facility are dependent on Ukraine meeting pre-agreed requirements and securing predictable financial assistance. This first regular payment under the Facility will observe the previous bridge and pre-financing approval and is a testament to the swift implementation of the Ukraine Plan.
What Reforms Did Ukraine Undertake to Receive EU Funds?
Following the examination of the payment request presented by Ukraine on July 9, 2024, the Commission has figured that Ukraine has satisfactorily fulfilled the nine reform arrows linked to the first regular payment in backing of the Ukraine Plan, Ukraine’s reform and acquisition process for the next four years. These reforms cover public economic control, governance of state-owned enterprises (SOEs), industry environment, energy and demining.
What Steps Did Ukraine Take to Ensure Financial Accountability?
In certain, Ukraine has assumed the legislation necessary to reform the Economic Security Bureau of Ukraine. The new law designates a solid stepping stone for converting the Bureau into a supervisory authority that will be more useful in combatting tax evasion and economic crime. It presents open and merit-based approaches for recruitment, including for a new Head who will be determined by a commission of six members, half of whom will be global experts. The law will also assist ensure the integrity and satisfactory professional competencies of staff.
Ukraine has assumed legislative changes to obtain corporate governance standards closer to international standards, including absolutely defining the powers of supervisory boards.
Ukraine has assumed its National Energy and Climate Plan, blending and planning energy and climate policies by 2030, with detailed targets including a significant decrease of greenhouse gas emissions and an increased share of renewable energy.
