European Union lawmakers have approved a four year budget that would provide up to $52.3 billion (50 billion euros) for Ukraine in order to tackle the crisis caused by Russia’s war, the European Parliament said in a statement on Tuesday.

European Parliament adopts multi-year support for Ukraine worth $52 billion From Tim Lister and Zahid Mahmood

European Union lawmakers have approved a four year budget that would provide up to $52.3 billion (50 billion euros) for Ukraine in order to tackle the crisis caused by Russia’s war, the European Parliament said in a statement on Tuesday.

The budget revision was introduced to adapt to the ongoing “war against Ukraine and growing migration issues,” the statement said.

The facility for Ukraine will provide up to $52 billion in direct budgetary support for Ukraine over the period 2024 to 2027, to support reforms, create a favorable investment climate and conditions for attracting private investors to Ukraine’s recovery.

The funding would be separate to financing for military assistance.

MEP Jan Olbrycht said of the revised budget: “Our goal was an ambitious but realistic proposal…and we have managed to keep it targeted but comprehensive. We aim to stabilise Ukraine’s situation with a new €50 billion facility while bolstering the EU’s economy."

At the same time, Ukraine is working towards satisfying the European Union’s demands for reform as part of a path towards membership of the EU, though analysts expect this will take at least several years.

According to Ukraine’s Prime Minister Denys Shmyhal Ukraine will work on a single document – a “roadmap for reforms plan until 2027."

Much of Ukraine’s annual budget is financed by credits from external sources while its spending is focused on financing the war against Russia.

Shmyhal said the plan would have a number of documents with reform proposals from partners including the seven conditions that the EU has laid out for Ukraine’s membership to move forward. Most significantly, these include action on corruption and money laundering, as well as guarantees for media freedom and the protection of ethnic minorities.

More Ukraine aid: The International Monetary Fund is also reviewing financial support for Ukraine, following the agreement of a $15.6 billion package of aid in March designed to help Ukraine’s economic recovery from the devastating effects of Russia’s invasion This week an IMF team has started technical discussions in Kyiv “with the aim of discussing fiscal, budgetary, financial, and structural measures .”

The arrangement is part of a US$115 billion total IMF support package for Ukraine.

The European Union is also planning to step up the pipeline of credits to finance military aid to Ukraine, principally munitions and weapons systems.

On Monday, EU foreign policy chief Josep Borrell proposed an annual $5 billion “peace facility” for Ukraine, an EU fund that reimburses states that supply arms to Ukraine.