On Tuesday, European member states officially approved a 4.2 billion euro payment, marking the first tranche of the Ukraine Facility aid package.

This initial payment is part of a larger plan to provide Ukraine with up to 50 billion euros in European loans and grants from 2024 to 2027. The aid aims to support Ukraine's macro-financial stability, reconstruction, and modernization, contingent on the country implementing its own structural reforms.

In July, the European Commission noted that Ukraine has already made significant progress in various reforms. For instance, Kyiv has reformed its Bureau for Economic Security to better address tax evasion and white-collar crime. Additionally, corporate governance legislation in Ukraine is becoming more aligned with international standards. The country has also adopted a national energy and climate plan that aims to significantly reduce greenhouse gas emissions by 2030. Photo by Tiia Monto, Wikimedia commons.