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Main War — European Union will support Ukraine's economy and join post-war reconstruction

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European Union will support Ukraine's economy and join post-war reconstruction

18 May, 2022
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European Union will support Ukraine's economy and join post-war reconstruction

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Today, May 18, the European Commission presented plans for the European Union's response to address Ukraine's funding shortfall and long-term reconstruction. This is stated in a press release from the European Commission.

In the short term, the European Commission proposes to launch additional macro-financial assistance in the form of a loan of up to 9 billion euros in 2022, for which EU Member States will provide additional guarantees.

In the long run, the European Commission proposes to create an international coordination platform, chaired by the European Commission the “Ukraine reconstruction platform”, which will implement the  "Rebuild of Ukraine” plan. The said  plan will be the basis for the European Union and partners to identify priority funding areas and specific projects. The platform will coordinate funding sources and their allocations to optimize their use, as well as monitor progress in implementing the plan.

"We are deeply grateful to our partners and true friends for their help in supporting the Ukrainian economy and the Ukrainian people, as well as for Ukraine's continued support in post-war reconstruction and reconstruction," said Olha Stefanishyna, Deputy Prime Minister for European and Euro-Atlantic Integration. - This is a good example of strong synergy in opposing the russian aggressor for the sake of common values and a common future. As long as we defend democratic principles and make every effort to restore peace in Europe, the EU is helping Ukraine to ensure the necessary functioning of the economy and to actively participate in the reconstruction of our state."

The European Commission proposes to create a new EU financial instrument specifically designed to finance efforts to rebuild our country and adapt Ukraine's economy to the EU. The necessary funds will be included in the EU budget, ensuring transparency, accountability and sound financial management of this initiative, with a clear link to investment and reforms in Ukraine.

"We praise the approach of joint management of the Platform by the European Union and Ukraine, and the provision of assistance will be agreed with the Plan to be developed within the framework of the National Council for Post-War Reconstruction. After all, the Ukrainian side has the most up-to-date data on the country's needs in all areas, so proper coordination with the EU will help prioritize needs and allocate funds for the most effective implementation of the recovery plan," added Olha Stefanishyna.

In particular, the Deputy Prime Minister noted that Ukraine's reconstruction plan also envisages continuing the necessary reforms that meet EU standards and requirements: "This will be a powerful impetus to accelerate Ukraine's transformation towards EU membership."

It is emphasized that investments brought in line with EU climate, environmental and digital policies and standards will help Ukraine become stronger and more resilient, as well as recover from the devastation of the russian invasion.

In addition, the Deputy Prime Minister added that the Ukrainian side calls on the EU and international partners to act decisively to confiscate not only the arrested assets of russian oligarchs, but also state assets of russia and transfer them to Ukraine for postwar reconstruction, because russia should be fully responsible for and the destruction of Ukraine.


The Odessa Journal

The Odessa Journal

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