EU finance ministers approve €5bn aid to Kyiv
This is the second part of the €9 billion loan promised in May. €1 billion has already been sent to Kyiv, the remaining €3 billion was promised to be issued “as soon as possible.” In total, according to the EC, Kyiv and the World Bank, the restoration of Ukraine will take $ 349 billion ” media=”(max-width: 320px) and (-webkit-min-device-pixel-ratio: 2), (max-width: 320px) and (min-resolution: 192dpi)” >
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EU finance ministers have agreed to additionally allocate <5 billion euros in macro-financial assistance to Ukraine, Deputy Head of the European Commission Valdis Dombrovskis said on Twitter.
“EU ministers are ready <…> provide [Ukraine] €5 billion in loans— macro-financial assistance package [for a total amount] €9 billion»,— he wrote.
On September 7, the head of the European Commission, Ursula von der Leyen, announced plans to provide Ukraine with an additional €5 billion in the form of a loan on Twitter. “The situation in Ukraine requires our full support. Today, the European Commission proposes to allocate additional macro-financial assistance to the country in the amount of €5 billion»,— she wrote. However, after the initiative was put forward, it had to be approved by the European Parliament and the Council of the countries— members of the EU.
The allocated €5 billion are included in the package of macro-financial assistance, which the EC announced back in May. Of the promised €9 billion, it has already allocated €1 billion and €5 billion, respectively, the remaining €3 billion the European Commission promised to send to Kyiv “as soon as possible”.
The European Commission, together with Kyiv and World Bank experts, have calculated that $349 billion will be required to restore Ukraine.
After the start of the Russian military operation, the EU allocated several aid packages to Ukraine. Humanitarian assistance from EU institutions in mid-June, according to the estimates of the Kiel Institute for the World Economy, exceeded $1.3 billion, financial— $11.6 billion, and the military— $ 2.1 billion. At the same time, additional packages were allocated by individual European countries. Von der Leyen on September 7 estimated total aid at €10 billion
At the end of July, Timofey Mylovanov, adviser to the head of the presidential office, said that Ukraine would need from $30 billion to $100 billion annually to fully recover from the special operation, of which $20-30 billion to support macroeconomics and so much— to support the army. President of Ukraine Volodymyr Zelensky at the end of August estimated the total cost at $600-800 billion. Prime Minister Denys Shmygal offered to finance the restoration at the expense of confiscated Russian assets. The European Union also said that they are looking for a way to use them for this purpose.
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