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The New EU Financial Facility for Ukraine: Opportunities and Controversial Issues

Autor: Valentyna Puzikova
Nummer: 720, May 2024, pp. 17
JEL-Class: F21, F50, F60

Abstract:
The new EU Financial Facility for Ukraine presents both opportunities and controversial issues in the context of international assistance. This paper examines the multifaceted dynamics surrounding the Facility and highlights its potential benefits and challenges. Opportunities include substantial financial assistance that can stabilize Ukraine's economy, promote reforms, and foster development in various sectors. The Facility also provides incentives for reform efforts, particularly in the areas of governance, rule of law, and economic policy. Infrastructure development, support to civil society and the political signal of EU solidarity further enhance its potential benefits. To achieve these benefits and before using the received funds, it is important for Ukraine to make a conscious commitment to prioritize the areas of the economy for which these funds are intended, to calculate the growth rate of the external debt, the ability to meet its obligations, and to examine the assumed requirements. To minimize the risks of ineffective distribution of financial assistance and corruption schemes, bureaucratic simplicity of these processes is very important, especially when it comes to Ukraine, its reconstruction, and urgent needs. The implementation mechanism should be as simple as possible and easily verifiable and controllable, while ensuring the necessary transparency.

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