Sat, 25 Jun 2022

 

EU Commission grants Ukraine additional €9bn loan
 
By: Cletus Sunday Ilobanafor
Wed, 18 May 2022   ||   Nigeria,
 

European Commission president, Ursula von der Leyen, on Wednesday proposed to provide Ukraine with another 9 billion Euros.

She stated this in her speech in Brussels, adding that Ukraine has until the end of 2022 to pay back.

“We will continue to be by their side throughout this war and when they will rebuild their country.

According to the commission, since Russia invaded Ukraine, the European Union has issued 4.1 billion euros in funding to support the country’s economy and society as well as provide humanitarian assistance.

Additionally, member states had approved around 2 billion euros for the financing of weapons and military equipment for Ukraine.

The 27 EU member states and the European Parliament had to agree to the proposed loan intended to cover, among other things, public expenses.

According to the International Monetary Fund (IMF), Ukraine has said it requires around 5 billion dollars a month, over the next two to three months, to continue running the government and important state institutions.

Meanwhile, Von der Leyen also reaffirmed the EU’s support for Ukraine’s economic recovery once the war has ended.

“The European Union has a responsibility and a strategic interest in leading this reconstruction effort,” von der Leyen said.

She stressed that investments in the reconstruction of Ukraine should bring the country closer to the EU.

Earlier on Wednesday, the commission also presented several options on how funds for the reconstruction of Ukraine could be made available within the EU.

 

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