Ukrainian Government Updates Reform Plan to Secure EU Funding: Details and Future Cooperation Prospects
In August 2024, the Ukrainian government made a significant decision to revise the 'Ukraine Plan'—a strategic document outlining the necessary reforms to obtain financial aid from the European Union.
This decision is part of a broader process of updating Kyiv’s commitments in response to current European and international policy challenges.
The 'Ukraine Plan' was developed several years ago and has undergone multiple revisions; however, now it requires another update since more than two years have passed.
Economy Minister Oleksiy Sobolev explained that changes are needed to 'actualize commitments,' including extending deadlines for some measures, shortening others, and adding specific references to EU legal acts, as well as clarifying the wording of the planned steps.
Importantly, amendments have been discussed with the European Commission from the very beginning and are foreseen by regulations governing the creation of the Ukraine Facility.
Sobolev emphasized that Kyiv remains committed to executing the updated plan, adhering to new timelines, with some obligations being fulfilled faster than initially agreed, indicating a desire to accelerate reforms.
The new version of the plan is expected to be approved by the European Council by the end of September, marking another step towards intensified cooperation.
Since the beginning of 2024, the primary form of financial assistance to Ukraine has been the Ukraine Facility program, valued at €50 billion.
However, EU funding is now linked to the implementation of specific reforms and quarterly indicators that Kyiv must meet through concrete actions and decisions.
European officials warned Kyiv in July 2024 that the next tranche of Ukraine Facility funds might be reduced due to incomplete reforms.
Furthermore, Brussels has signaled that if the Verkhovna Rada fails to restore full independence for anti-corruption agencies, several aid programs could be frozen, pressuring Ukrainian authorities to accelerate reforms.
Overall, the Ukrainian government aims not only to update its strategic roadmap but also to demonstrate its readiness to fulfill obligations under changing conditions, ensuring continued support for the country’s development and economic stabilization.