EU to Propose Ukraine €50 Billion in Financial Aid

The European Union is ready to propose a financial assistance package worth about €50 billion to support Ukraine.

According to Bloomberg sources, the European Commission's proposal will help finance the Ukrainian government's current expenses and pay for urgent reconstruction priorities.

Bloomberg has noted that the financial assistance will be announced on Tuesday before a conference in London where donors will discuss Ukraine's recovery.

The European Commission wants to avoid a burdensome instrument for Ukraine, given the war, and will offer assistance in the form of grants, soft loans and guarantees, as the sources said.

One of the anonymous sources has said that, unlike previous financial packages for Ukraine, the plan will be financed by contributions from member states rather than market borrowing.

The package aims to combine aid used to pay wages, pensions and some public services with the costs of recovering crucial infrastructure.

The money will be disbursed on the condition that Ukraine implements reforms aimed at improving the supremacy of the law and fighting corruption.

The aid package comes as Ukraine is launching a counteroffensive to liberate the territories seized by Russia.

The Ukraine Recovery Conference will take place on 21-22 June in London.

Prime Minister Denys Shmyhal has said that during the conference, the government will focus on three main aspects: rapid recovery, attracting private investment and regional development.