The European Commission has provided an additional € 9 billion in loan assistance to Ukraine in order for the country to function and to set up the “Reconstruction of Ukraine” fund, which will be modeled on the EU’s own recovery fund.
The money would be borrowed from the Commission against guarantees from EU governments under the macro-financial assistance program, reports theguardian.
The International Monetary Fund (IMF) has estimated that Ukraine needs about $ 5 billion (4.8 billion euros) a month for basic operations. The EU has already provided 4.1 billion euros to Ukraine since Russia’s invasion on February 24, including military aid.
The EU will continue to provide “short-term financial support to Ukraine to meet its needs and basic services to function”, said European Commission President Ursula von der Leyen.
Ukrainian President Volodymyr Zelensky said he was grateful for the support package, adding that it would “help Ukraine win the war, overcome the consequences of the aggression of Russian forces and accelerate the movement towards EU membership.”
Grateful for the support package for ?? announced today by @vonderleyen: a new € 9 billion macro-financial aid program and a ?? Recovery Platform. Such support will help ?? win the war, overcome the consequences of RF's aggression & accelerate the movement towards #EU membership
— Володимир Зеленський (@ZelenskyyUa) May 18, 2022
