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The European Union is preparing a solidarity fund for Ukraine.
Officials familiar with the matter said the fund was intended to help Ukraine support liquidity – as President Volodymyr Zelensky has argued, as the country needs $ 7 billion a month to recover from economic losses.
The Russian military intends to destroy all facilities in Ukraine that can serve as an economic basis for livelihood. This includes train stations and railways, food warehouses, oil depots, refineries.
Estimates for rebuilding the war-torn country’s infrastructure are broad, but most go to several hundred billion euros. Brussels is reluctant to set figures for the fund as disagreements continue, yet it has begun to make an assessment of Ukraine’s financial needs together with the World Bank.
The fund is inspired by the EU’s past experience, such as the € 6 billion EU Refugee Initiative in Turkey, aimed at supporting and accommodating refugees and migrants by Ankara, under the EU-Turkey migration agreement aimed to prevent the flow of emigration towards the European bloc.
Earlier, President Joe Biden announced another $ 800 million in US aid to Ukraine. The new military package includes much-needed heavy artillery, 144,000 rounds of ammunition and drones for Ukrainian forces in the escalating battle for the Donbas region in eastern Ukraine. That adds up to about $ 2.6 billion in aid that President Biden had previously approved.
In addition to strengthening Ukraine’s resistance on the battlefield, we are also demonstrating our support for the people of Ukraine. Next week, I will have to send an additional budget request to Congress to supply arms and ammunition without interruption.
Congress has signaled that it is open to further demands and has waited for further assistance to be sought from the Ukrainians.
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