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Full cost of rebuilding Ukraine impossible to quantify, says German Finance Minister -Breaking

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© Reuters. FILE PHOTO – Rescuers look for victims under rubble from a building that was destroyed by Russian bombardment, during Russia’s invasion in Ukraine. Borodyanka (Kyiv Region, Ukraine), April 11, 2022. REUTERS/Zohra Bensemra

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BERLIN, (Reuters) – Christian Lindner from Germany’s Finance Ministry said that Tuesday was difficult to determine how much it would take to rebuild Ukraine if Russia and Ukraine continue to fight. This came amid European Union negotiations on the best way to finance further aid to Kyiv.

The Ukrainian side is not very concerned about reconstruction. “The priority is not to stop the war; the priority is to ensure the functioning of the Ukrainian government,” Lindner declared in Brussels following the May meeting with European finance ministers.

“No one is able to put a value on the importance of rebuilding the country,” he said.

Lindner added that reconstruction aid for Kyiv wasn’t just Europe’s responsibility. It also fell under the jurisdiction of international institutions like the International Monetary Fund, World Bank, and private banks.

He mentioned also the possibility of Russian state assets being seized to fund reconstruction. This was a request made by Ukraine last week and which has been considered by the Group of Seven countries (G7).

The European Commission suggested last week the establishment of a “RebuildUkraine” facility for loans and grants of an unspecified amount. It is modeled on the EU’s recovery fund, which was jointly borrowed from the market.

Although it is not clear how the new fund will be funded, Lindner stated on Tuesday that Germany has ruled out any additional EU joint debt. He also called for consolidation of EU finances by 2023.

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