Ukraine's plan for the Ukraine Facility: 2 more indicators fulfilled

The Cabinet of Ministers of Ukraine has approved the Demographic Development Strategy until 2040 and signed the terms of reference for the development of an information system to support the NEURC's functions. These are two indicators of the implementation of the Ukraine Facility, a European Union initiative aimed at improving the labor market and living standards of Ukrainians, as well as implementing electricity market reform as part of Ukraine's integration into the EU energy market.

“Two more important indicators of the Ukraine Facility Plan have been adopted this week. They are aimed at improving the situation in the state's priority sectors: energy and human capital. I am grateful to the government and the NEURC for their work. The Ministry of Economy, as the national coordinator of the Plan, provides support to the responsible authorities and will continue to ensure the implementation of the Ukraine Facility,” said Oleksii Sobolev, First Deputy Minister of Economy of Ukraine.

The Demographic Strategy of Ukraine for the period up to 2040 defines specific measures to address key issues in the area of human capital:

- improving the birth rate situation;

- reducing the premature mortality rate;

- overcoming negative migration trends, in particular through the return of Ukrainians from abroad;

- activation of the maximum number of citizens who can work in the labor market;

- promoting active longevity;

- creating infrastructure and security preconditions for improving the demographic situation.

The terms of reference for the development of an information system to support the functioning of the regulator (NEURC) have been approved. This will allow the system to be built in such a way as to integrate it with the systems of market operators, insider information platforms, data administrators, and identify information indicating the existence of abuse. The terms of reference are part of the indicator for the REMIT regulation, a set of European rules and practices aimed at preventing abuse in wholesale energy markets and providing for liability for manipulation of participants in them. This is good news for consumers and companies, especially in times of volatile energy prices, as it means additional protection. This part of the indicator is part of the electricity market reform aimed at Ukraine's integration into the EU energy market and ensuring the efficient functioning of domestic energy markets.

Background information

According to the Ukraine Plan, the Ministry of Economy is the national coordinator of the Ukraine Facility. The Ministry is responsible for organizing and monitoring the implementation of the Plan and preparing quarterly reports for the European Commission.

In total, Ukraine had to fulfill nine indicators of the Plan this quarter, of which eight have already been successfully implemented. The last indicator is at the final stage of implementation.

More information about the Ukraine Facility Implementation Plan and the status of the indicators is available here https://www.ukrainefacility.me.gov.ua/en/.