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Ecofin: EUR 50 billion financing approved in Ukraine

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Ecofin: Εγκρλθηκε χ&rho ;ημσδτηοσδιρση ν Ουκρανiα

Óõíåäñßáóç ôïõ ECOFIN ôçí Ôñßôç 23 Éáíïõáñßáóç 2018, óôéò ÂñõîÝëëåò. (EUROKINISSI/ÅÕÑÙÐÁÚÊÇ ÅÍÙÓÇ)

After the positive evaluation of the Ukrainian program by the European Commission in mid-April, on Tuesday came the official approval by the “Ecofin” Council.

This decision will allow the Commission to disburse up to €1.89 billion in pre-financing, while €6 billion has already been paid to Kyiv as bridging funding.

What provides for the “Ukraine Plan”

Specifically, the announcement states the following: “The Council of the EU positively assesses the “Ukraine Plan”, which sets out the intentions of the country's government regarding the country's recovery, reconstruction and modernization, as well as the reforms it intends to undertake in the context of the EU accession process, in the next four years. The Council considered in particular that thanks to this plan, Ukraine meets the condition for support under the Ukraine Facility (up to EUR 50 billion) and that regular payments can now begin to flow.

It is noted that financial support under the “Ukraine Plan” will be made available on the condition that Kyiv continues to support and respect effective democratic mechanisms, including a multi-party parliamentary system and the rule of law, and guarantee respect for human rights . Financial support is also dependent on strengthening the rule of law, supporting the independence of the judiciary, strengthening public administration reform and fighting corruption and money laundering.

Source: 24h.com.cy

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