Implementing decision 2024/1447 - Approval of the assessment of the Ukraine Plan - Main contents
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official title
Council Implementing Decision (EU) 2024/1447 of 14 May 2024 on the approval of the assessment of the Ukraine Plan| Legal instrument | implementing decision |
|---|---|
| Number legal act | Implementing decision 2024/1447 |
| Original proposal | COM(2024)172  |
| CELEX number i | 32024D1447 |
| Document | 14-05-2024; Date of adoption |
|---|---|
| Effect | 14-05-2024; Entry into force Date of document See Art 4 |
| End of validity | 31-12-9999 |
EN
L series
Official Journal of the European Union
2024/1447 24.5.2024
of 14 May 2024
on the approval of the assessment of the Ukraine Plan
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2024/792 of the European Parliament and of the Council of 29 February 2024 establishing the Ukraine Facility (1), and in particular Article 19 thereof,
Having regard to the proposal from the European Commission,
Whereas:
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(1)On 23 June 2022, the European Council granted Ukraine the status of candidate country. On 14 December 2023, the European Council decided to open accession negotiations with Ukraine, following the recommendation issued by the European Commission.
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(2)Russia’s war of aggression against Ukraine has had a disruptive impact on the Ukrainian economy which contracted by 29,1 % in 2022 and recovered only mildly in 2023. This contraction was due to the incapacitation of productive resources within territories either occupied by Russia or adjacent to the frontlines, the large-scale displacement of people, and disruptions in industry, agriculture and trade. Both inflation and unemployment increased significantly after the Russian invasion. Due to high spending on defence, the general government deficit reached 16 % of GDP in 2022 and 27 % in 2023. Having lost access to international financial markets, Ukraine continues to rely on foreign assistance. In 2023, 17,5 % of net budget financing was based on external support.
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(3)In this context, the Union has established an exceptional medium-term single instrument that brings together the bilateral support provided by the Union to Ukraine. In accordance with Regulation (EU) 2024/792, the Ukraine Facility (‘the Facility’) has been established as a dedicated instrument with an overall maximum amount of Union support of EUR 50 000 000 000 in current prices. The Facility aims to contribute to addressing Ukraine’s financing gap and maintaining macro-financial stability until 2027 with the objective of contributing to Ukraine’s recovery, reconstruction and modernisation needs while supporting the country’s reform efforts on its accession path towards membership of the Union.
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(4)Financial support under Pillar I of the Facility amounts to up to EUR 38 270 000 000. Of this, EUR 5 270 000 000 is in the form of non-repayable support, while up to EUR 33 000 000 000 is in the form of loans, including any financing that may be provided as exceptional bridge financing in accordance with Article 25 of Regulation (EU) 2024/792. Due to the provision of exceptional bridge financing of up to EUR 6 000 000 000, the total sum of financial resources made available to the Ukraine Plan amounts to a maximum of EUR 32 270 000 000, of which up to EUR 5 270 000 000 is in the form of non-repayable financial support and up to EUR 27 000 000 000 is in the form of a loan.
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(5)In accordance with Article 25 of Regulation (EU) 2024/792, the Commission may provide limited, exceptional support through bridge financing, in the form of loans, for a period of up to 6 months starting from 1 January 2024 if the Ukraine Plan is not adopted by 2 March 2024 or the Framework Agreement provided for in Article 9 of that Regulation is not signed. On 13 March 2024, the Commission and Ukraine signed a Memorandum of Understanding on providing Ukraine with up to EUR 6 000 000 000 in the form of loans as exceptional bridge financing, conditional on Ukraine’s compliance with the precondition for Union support, the fulfilment of five policy conditions and of certain reporting requirements. To ensure continuity in the implementation of the reform agenda in Ukraine, these five policy conditions are also reflected in the Ukraine Plan.
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OJ L, 2024/792, 29.2.2024,...
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