MP Zhelezniak explains what EUR 50 billion of EU aid will go to

Financial assistance in the amount of EUR 50 billion, which Ukraine will receive from the European Union over 4 years, will be distributed in 3 directions, UAH 39 billion of which will be directed to the implementation of the Plan of Ukraine.

Yaroslav Zhelezniak, a Member of the Verkhovna Rada from the Holos faction, announced this on his Telegram channel, Ukrainian News Agency reports.

"A large part of the money from the plan - EUR 39 billion - is the Plan of Ukraine. Another EUR 8 billion - Investment Fund and EUR 3 billion - Technical and Administrative Support (credit rate compensation)... So, this EUR 39 billion will be macro-financial assistance to the budget. Conditionally, as an IMF tranche. And, accordingly, this plan will be like a large IMF memorandum, with quite specific steps. Even more: Step - what needs to be done, for example, adopt a law number such and such. Deadline - by which date the item must be completed. The amount of money allocated for the implementation of a specific item - that is, these are not even structural benchmarks, but closer to prior actions," Zhelezniak explained.

At the same time, the plan itself will be calculated for 4 years - until the end of 2027.

And each quarter will have a conditional list of steps by which money will be allocated.

"From what the government officials commented: the review will be strict every time, by a conditional audit commission from the EU. It is not yet known what the program review mechanism will look like. The Government will appoint a coordinator who is responsible for monitoring the implementation. But the review will be done every quarter. It has not been implemented during year by the deadline - you can no longer fulfill it, money will not be given for this point. That is, the mechanism of "money in exchange for reforms" as it is. Even if it looks tougher," added the MP.

The Plan of Ukraine is a comprehensive document that will become a program of recovery and economic development of the state for the next 4 years.

In October, the Ministry of Development of Communities, Territories and Infrastructure reported that, initially, this plan will consist of six main blocks that will form a comprehensive vision of the development of the Ukrainian economy.

The Plan of Ukraine is an integral part of the implementation of the Ukraine Facility, a four-year EU program for financing Ukraine in the total amount of EUR 50 billion.

As Ukrainian News Agency earlier reported, on Thursday, February 1, all 27 leaders of the European Union member states agreed on a four-year aid package for Ukraine in the amount of EUR 50 billion.

Ukraine expects to receive the first payment from the four-year aid package to Ukraine in the amount of EUR 4.5 billion already in March.