The European Union, led by European Commission President Ursula von der Leyen, unveiled today a proposed EUR50 billion aid package for Ukraine. This came ahead of a donor meet in London this week that will discuss more funds for the country, which is under invasion by Russia.
Von der Leyen, a German politician, said in Brussels today that setting up the reserve of EUR50 billion would help the EU member states to “calibrate” how to keep supporting Ukraine as Russia continued pummelling the smaller country. The Ukrainian counteroffensive has been reporting some gains, but it did have to slow down, as the Russian response became still more intense.
Speaking to the media, Ursula von der Leyen said, “This financial reserve will allow us really to calibrate our financial support according to the evolution of the situation on the ground.”
This EUR50 billion proposed package for “the next four years” included loans and grants, she said, adding that this was meant to “incentivise” other donors “to step up”.
The aid package will be followed by the London meet tomorrow and the day after, when donors will discuss raising funds for the rebuilding of Ukraine. The news agency Reuters reported that as per World Bank estimates, the reconstruction of Ukraine, when the war finally ends, would cost USD400 billion or more.
Ukrainian President Volodymyr Zelenskyy has been relentlessly seeking both weapons and cash aid from Western allies, ever since the invasion began in February 2022. While the supply of military equipment still not does include the fighter jets he badly wants, the West has given enough for his counteroffensive to start.
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