Plan for the Ukraine Facility program has been approved by Cabinet of Ministers

Plan for the Ukraine Facility program has been approved by Cabinet of Ministers of Ukraine

Yulia Svyrydenko

The Plan for the Ukraine Facility program has been approved by Cabinet of Ministers of Ukraine.

This document is an important step towards launching the EU’s financial support program for Ukraine.

For the first time, Ukraine has an integrated economic development plan for the next 4 years with defined goals and significant funding. This is a significant step, as such comprehensive economic programs have not been implemented before.

The document proposes a set of structural reforms in exchange for budget support under the program. These reforms encompass public administration, civil service, financial markets, audit and control, and other areas.

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We understand that clear conditions for macroeconomic stability and the rule of law are necessary for economic growth and investment attraction. As such, the document outlines a number of approaches that are aimed at effectively combating corruption.

📍The document highlights the importance of developing key and priority sectors and industries, such as energy, transport, agriculture, critical materials, manufacturing and small and medium-sized enterprises. These sectors have been identified as having the potential for rapid economic growth.

The document is not an all-encompassing state development strategy. It does, however, contain over 150 indicators covering 69 reform directions. Their implementation will significantly improve the resilience of our economy.

We have developed the document in record time. Typically, developing and coordinating similar programs takes 1–2 years, but we managed to complete it in a record-breaking 10 months. It’s important to note that the document was designed according to EU standards and requirements.

I am grateful to everyone who worked on this document — colleagues from Cabinet of Ministers of Ukraine, the team of Ministry of Economy of Ukraine, Kyiv School of Economics, representatives from businesses, and civil society organizations.

There are a number of important steps ahead. We will soon submit the plan to the European Commission for review. Hope that we will soon see the full launch of the Ukraine Facility program.

18-03-2024

Yulia Svyrydenko is the First Deputy Prime Minister of Ukraine – Minister of Economy of Ukraine

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