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Bloomberg: EU prepares $55 billion financial aid package for Ukraine

by Martin Fornusek and The Kyiv Independent news desk June 20, 2023 12:17 PM 2 min read
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The European Union plans to propose a financial aid package of around 50 billion euros ($55 billion) for Ukraine ahead of the upcoming donor conference in London, Bloomberg wrote on June 20.

According to the outlet, the European Commission wants to help finance Kyiv's current expenditures and urgent reconstruction through grants, concessional loans, and guarantees.

Reportedly, it should be financed through contributions of the member states and cover the period from 2024-2027.

Bloomberg noted that the package would contribute less annually than this year's 18 billion euros ($20 billion) of financial aid for Ukraine.

The EU's condition for distributing the package is that Ukraine fulfills reforms on the rule of law and addresses corruption, Bloomberg added.

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The news outlet said that the proposal should be made public on June 20, ahead of the June 22 conference in London, where donors will discuss how to aid Ukraine's reconstruction.

According to the World Bank's assessment, Ukraine will need at least $411 billion for recovery and reconstruction. This figure is equivalent to 2.6 times Ukraine's projected gross domestic product in 2022.

The World Bank's assessment also found that Russia's full-scale invasion had pushed 7.1 million people into poverty and rolled back 15 years of development progress.

According to the Kyiv School of Economics, the total damages in Ukraine caused by Russia's war have reached almost $143.8 billion as of February 2023.

Since the start of the invasion, the EU and its member states have pledged 49 billion euros ($54 billion) to Ukraine.

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