The European Union (EU) has budgeted €18 billion as financial assistance for war-torn Ukraine throughout 2023 to cater for the basic economic needs.
European Commission President Ursula von der Leyen made the announcement at the EU leaders’ summit in Brussels, Belgium on Friday.
“It is very important for Ukraine to have a predictable and stable flow of income,” von der Leyen said.
According to Euronews, Ukrainian President Volodymyr Zelensky had earlier said that his country will need around $55 billion (€56 billion) to sustain next year’s budget deficit and repair damaged infrastructure.
The International Monetary Fund (IMF) has projected that, for 2023, Ukraine will need between €3 billion to €4 billion in foreign assistance on a monthly basis to maintain its public services operation against the backdrop of Russia’s invasion.
The report said the money is expected to come from the EU, the United States, the United Kingdom and other Western countries, together with international financial institutions.
According to von der Leyen, the EU’s main goal is to contribute €1.5 billion a month, for a total of €18 billion in 2023 but the Commission president did not disclose further details.
“We have tasked the finance ministers to develop the appropriate mechanism, but it was important to give this signal to Ukraine that we very well know how important this reliable flow of income is,” von der Leyen said.
