KYIV -- The Ukrainian government approved the Plan for the Ukraine Facility, which was required by the European Union (EU) to allocate 50 billion euros ($ 54.5 billion) in financing for Kiev in 2024-2027, the cabinet's press service reported Monday.

"The Plan for the Ukraine Facility provides for the implementation of structural reforms in the public sector, and the implementation of many economic reforms aimed at the development of the business climate and entrepreneurship," said a statement on the government's website.

Under the plan, Ukraine is to implement more than 150 indicators in 69 reform directions by 2027, it said.

According to the statement, Kiev is counting on receiving 4.5 billion euros ($4.9 billion) under the Ukraine Facility program this month and another 1.5 billion euros ($1.6 billion) in April.

Ukrainian Prime Minister Denys Shmyhal said on Telegram that his country will get 16 billion euros ($17.4 billion) from the EU this year if it implements the reforms under the approved plan.