EU presents €9 bn loan for Ukraine
Published: 04:05 PM,May 18,2022 | EDITED : 08:05 PM,May 18,2022
European Commission President Ursula von der Leyen delivers a statement on the Commission's proposals on the topic of "REPowerEU, defence investment gaps and the relief reconstruction of Ukraine" at the EU headquarters in Brussels on May 18, 2022. EU chief Ursula von der Leyen proposed extra aid to Ukraine this year of up to nine billion euros ($9.5 billion) to help it cope with the ravages of war. (Photo by JOHN THYS / AFP)
BRUSSELS: European Commission President Ursula von der Leyen on Wednesday proposed to provide Ukraine with another €9 billion ($9.5 billion) in loans until the end of this year. "We will continue to be by their side throughout this war and when they will rebuild their country," von der Leyen said in a speech in Brussels.
Since Russia attacked Ukraine, the European Union has issued €4.1 billion in funding to support the country's economy and society as well as provide humanitarian assistance, according to the commission. Additionally, member states have approved around €2 billion for the financing of weapons and military equipment to Ukraine.
The 27 EU member states and the European Parliament have to agree to the proposed loan intended to cover, among other things, public expenses. According to the International Monetary Fund (IMF), Ukraine has said it requires around $5 billion a month, over the next two to three months, to continue running the government and important state institutions.
Von der Leyen also reaffirmed the EU's support for Ukraine's economic recovery once the war has ended. "The European Union has a responsibility and ... a strategic interest in leading this reconstruction effort," von der Leyen said.
Von der Leyen stressed that investments in the reconstruction of Ukraine should bring the country closer to the EU. On Wednesday, the commission also presented several options on how funds for the reconstruction of Ukraine could be made available within the EU. - dpa
Since Russia attacked Ukraine, the European Union has issued €4.1 billion in funding to support the country's economy and society as well as provide humanitarian assistance, according to the commission. Additionally, member states have approved around €2 billion for the financing of weapons and military equipment to Ukraine.
The 27 EU member states and the European Parliament have to agree to the proposed loan intended to cover, among other things, public expenses. According to the International Monetary Fund (IMF), Ukraine has said it requires around $5 billion a month, over the next two to three months, to continue running the government and important state institutions.
Von der Leyen also reaffirmed the EU's support for Ukraine's economic recovery once the war has ended. "The European Union has a responsibility and ... a strategic interest in leading this reconstruction effort," von der Leyen said.
Von der Leyen stressed that investments in the reconstruction of Ukraine should bring the country closer to the EU. On Wednesday, the commission also presented several options on how funds for the reconstruction of Ukraine could be made available within the EU. - dpa