EFEBrussels

The European Commission has proposed more financial assistance for Ukraine worth up to 9 billion euros ($9.4bln) to help rebuild the country in the wake of the Russian invasion, president Ursula von der Leyen said on Wednesday.

“We are proposing to top up the significant short-term relief provided until now, with a new exceptional macro-financial assistance for Ukraine of up to 9 billion euros in 2022,” von der Leyen said.

“The EU has a responsibility and a strategic interest in leading this reconstruction effort,” she added.

The bloc has already approved a 1.2 billion euro macro-financial assistance for Ukraine and assigned another 1.5 billion in support of the country's armed forces through the European Peace Facility, an off-budget funding mechanism for EU actions with military and defense implications.

“The reconstruction principles should combine investment with reforms,” von der Leyen said.

The president added that the plan would support Ukraine in pursuing its path to joining the EU and help tackle key reforms in areas such as anti-corruption, administrative capacity, rule of law, and independence of the judiciary.

“These investments will help Ukraine to emerge stronger and more resilient from the devastation caused by Putin's soldiers.”

The International Monetary Fund has estimated that Ukraine will need 5 billion euros a month for the next three months to recover from the war.

United States treasury secretary, Janet Yellen, said Tuesday that Brussel’s financial commitments announced so far were not sufficient for Ukraine’s short-term needs, urging allies to contribute more. EFE

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