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EU proposes to create solidarity fund for Ukraine’s basic needs -Breaking

by Mike Robinson

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© Reuters. Charles Michel, European Council President arrives in Brussels for the EU Africa summit, which will be held at the European Council building. Brussels, Belgium. February 17, 2022. Geert Vanden Wijngaert/Pool via REUTERS


AMSTERDAM (Reuters), – President Charles Michel, European Council president, stated Friday that the European Union was considering creating a fund of solidarity for Ukraine in order to provide basic services and address immediate needs.

Michel stated in a tweet that the Fund “would provide liquidity for continued support of authorities and, in the long term, serve as backbone to reconstruction of a democratic Ukraine after hostilities cease”.

Michel suggested that international donors conferences could be used to bring in partners who can contribute to the funds.

A senior EU official stated that this topic will be addressed at the summit next week of EU leaders. He also said that Presidents have discussed how Ukraine should retain international financial support in order to finance imports of military equipment and basic necessities.

According to the official, Ukraine has been cut off from the international financial market by the Russian invasion. The fund can provide liquidity to maintain government services and provide basic services.

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