The involuntary war with Russia is costing Ukraine billions. The EU now wants to help with a solidarity fund. International partners are invited to support.
The EU states have decided to set up a solidarity fund to provide financial support to Ukraine. This emerges from a statement by the heads of state and government published on Friday night at the summit in Brussels.
The text reads: “Considering the destruction and enormous losses inflicted on Ukraine by Russia’s military aggression, the European Union commits itself to assisting the Ukrainian government in its immediate needs and after the end of the Russian attack in the reconstruction of a democratic Ukraine support.”
Donor conference to be organized
A pledging conference will be organized in due course to raise funds for the fund. In addition, international partners are invited to participate in the development of the fund.
At the end of last week, EU Council President Charles Michel brought up the Solidarity Fund after a phone call with Ukrainian President Volodymyr Zelenskyy. The reason given was that Ukraine needed access to international liquidity to finance the import of daily necessities and military equipment. Under the current circumstances, the country is unable to issue bonds on the international financial market. Private investments would also be deducted.
The fund is said to initially ensure the functioning of the authorities and the continuation of defense efforts against Russia and emergency aid. In the long term, massive investments for the reconstruction of the economy could then be financed in order to anchor Ukraine economically in the West.
In the past, the EU has already set up an emergency trust fund for Africa, among other things, to address the root causes of forced displacement and irregular migration and to contribute to better migration management. Almost five billion euros were made available for it by the EU institutions, the EU member states and other donors by mid-2020 alone.
Source: Stern
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