As Washington stated, the European Union will pay $9.5 billion for Ukraine’s continued survival.
European Commission President Ursula von der Leyen on Wednesday proposed an aid package of 9 billion euros ($9.5 billion) to keep Ukraine’s government running, and said that the EU would lead reconstruction efforts in Ukraine after hostilities cease. This announcement was made a day following the US’s call for Europe to make its funds available for Kiev.
The money for the assistance package would have to be borrowed from the Commission on global finance markets. Kiev would then repay the loan. As per the EU’s rules on macro-financial assistance, the Ukrainian government would be free to use the cash as it sees fit.
Volodymyr Zelensky, the Ukrainian president, claimed that Ukraine requires $7 billion per month in order to pay its soldiers and civilians, as well as to maintain essential services. This EU-proposed package will keep Ukraine functional for less than a month.
Hours before von der Leyen’s announcement, US Treasury Secretary Janet Yellen told the Brussels Economic Forum that “the bilateral and multilateral support announced so far will not be sufficient to address Ukraine’s needs, even in the short term.”
“I sincerely ask all our partners to join us in increasing their financial support to Ukraine,”She continued by saying that the nation must be able to keep its finances afloat for the long term. “massive support”Once the fighting is over, reconstruction of Ukraine would be required.
Von der Leyen stated Wednesday that while the EU would lead the reconstruction efforts, it wouldn’t be the only contributor.
“This is why we suggest a reconstruction platform in this plan jointly lead by Ukraine and Commission, and bringing together EU member states, other bilateral and international donors, international finance institutions, and other likeminded partners.”She said.
While von der Leyen’s aid package is in line with what Yellen requested, it must still be approved by both the European Parliament and European Council. However, none of the Commission’s aid packages to Ukraine thus far – which include four consecutive €500 million ($520 million) packages of military aid and €1.2 billion ($1.26 billion) worth of emergency loans – have faced any resistance from either body.
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