European Union leaders reaffirmed their willingness on Tuesday 31 May to continue to support the Ukrainian government’s urgent cash needs, estimated by the IMF at around $5 billion.
Noting the $19.8 billion support announced at the G7 Finance Summit (see EUROPE 12957/2), the European Council said it was ready to provide Ukraine with “new exceptional macro-financial assistance of up to €9 billion in 2022”, in the conclusions it adopted at the end of the first working session of the European Summit. This aid was proposed on 18 May by the European Commission (see EUROPE 12955/2).
European Commission President Ursula von der Leyen said that the EU should, alongside the G7, “carry its fair share” of the financial burden to enable Ukraine, which is undergoing a Russian military invasion, to “maintain the provision of basic services”. She indicated that her services will work on finalising, “in the coming week”, the aid proposal which will take the form of loans at preferential rates and with long maturities.
Since 2014, the EU has provided six macro-financial assistance packages to Ukraine, the latest of which was worth € 1.2 billion.
The EU27 reaffirmed their willingness to participate in the reconstruction of the country, notably through the establishment of a dedicated “platform” bringing together Ukraine and European and international donors. “EU support for reconstruction will be linked to the implementation of reforms and anti-corruption measures consistent with its European path”, they stressed in the conclusions they adopted.
See the European Council conclusions: https://aeur.eu/f/1va (Original version in French by Mathieu Bion)