EU ambassadors agree to Ukraine Plan essential for providing Kiev with 50 bln euros under Ukraine Facility

MOSCOW. May 8 (Interfax) - The European Union's permanent representatives have agreed to the Ukraine Plan proposed by Kiev as an essential precondition for receiving 50 billion euros from the EU in the period up to 2027 under the Ukraine Facility initiative.

The representatives made the decision at a meeting in Brussels on Wednesday, Ukrainian media reported with reference to the EU Belgian Presidency's social media post.

"EU Ambassadors agreed in principle on the Ukraine Plan outlining the country's reform efforts to receive EU financial assistance until 2027 under the Ukraine Facility," it said.

The decision has yet to be approved by a qualified majority of the EU Economic and Financial Affairs Council (ECOFIN) at a meeting on May 14.

Ukraine Facility is an instrument under which Ukraine is to receive 50 billion euros in financial and technical support from the EU in the period from 2024 to 2027, including 38.27 billion euros for budget support, 6.97 billion euros for an investment fund, and 4.76 billion euros for technical and administrative support.

The Ukrainian government endorsed the plan for Ukraine Facility on March 18, which was submitted to the European Commission on March 20. The Commission approved the plan on April 15.