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The European Union decides to create a trust fund for the reconstruction of Ukraine

25.03.2022

Source: finance.ua

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This is stated in a joint statement following the discussion of Ukraine at the European Council in Brussels, published on the night of March 25.

The conclusion reads: Bearing in mind the destruction and enormous losses brought upon Ukraine by Russia’s military aggression, the European Union is committed to provide support to the Ukrainian Government for its immediate needs and, once the Russian onslaught has ceased, for the reconstruction of a democratic Ukraine. To that end, the European Council agrees to develop a Ukraine Solidarity Trust Fund and invites its international partners to participate, and calls for preparations to start without delay. 

Also EU calls on the European Commission “to continue to provide technical assistance in order to help Ukraine implement necessary reforms”.

The EU also called for the timely organization of an international fundraising conference within the fund.The Kyiv School of Economics estimates that infrastructure damage caused by the Russian invasion has already reached $ 62-119 billion; losses of the population, objects of social and medical infrastructure - up to 10 billion dollars.

Finance Minister Marchenko believes that Ukraine will lose 1/3 of its GDP due to the war, ie direct losses in 2022 will be about $ 62 billion, and future demining costs will exceed $ 1 trillion.

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