According to Bloomberg, the EU is set to approve Ukraine's reform plan in May, unlocking an additional 1.9 billion euros ($2.04 billion) in financial aid during late spring.
After approving the four year Ukraine Facility in February, the EU committed to sending 50 billion euros ($54 billion) to Ukraine over the next few years.
The package provides funding to Ukraine from 2024 to 2027, with 33 billion euros ($35.8 billion) available in loans and 17 billion euros ($18.5 billion) in grants.
Ukrainian officials presented a proposal last month including investment and reform strategies, aimed at unlocking a significant portion of the EU's financial assistance until 2027. The European Commission is examining Ukraine's reform agenda intended to secure financial aid, with no major concerns raised thus far.
Some of the agreed-upon reforms include adopting a strategy for public debt management, a review of government budget expenditures, and expanding the Specialized Anti-Corruption Prosecutor’s Office staff numbers.
As of March 20, the European Commission has allocated an initial 4.5 billion euros ($4.8 billion) to Ukraine, marking the first payment under the agreement.
EU finance ministers will likely further discuss Ukraine’s plan this Friday in Luxembourg.
"I am grateful to the EU partners for the important decision to support Ukraine," Ukraine's Finance Minister Serhii Marchenko said.
Read also: European Commission delivers $4.8 billion to Ukraine in first tranche of macro-financial assistance