Western Europe continues to lend money to Ukraine so that it can face the Russian invasion. This Tuesday, the finance ministers of the 27 countries of the European Union gave the green light to the granting of 1 billion dollars in loans to the Ukrainian government.
This latest financial package brings to €2.2 billion the total amount of European financial aid to kyiv so far this year, since the start of the invasion on February 24, when the first loan was approved.
In mid-May the European Commission, the EU’s executive arm, proposed additional aid of up to €9 billion. The disbursement of these 1,000 million is part of that initiative, which coincides with the Russian advances in eastern Ukraine and with the increase in casualties on both sides.
“This will give Ukraine the necessary funds to cover urgent needs and ensure the functioning of critical infrastructure,” Zbynek Stanjura, the finance minister of the Czech Republic, which holds the bloc’s rotating presidency, said in a statement.
Ukraine said last week that its postwar reconstruction will so far cost $750 billion. Meanwhile, the kyiv government is estimated to need around €5 billion a month to keep its economy afloat.
Group of Seven countries, including the United States, have pledged to help the country meet its short-term financing needs, in addition to providing military aid to kyiv and imposing sweeping economic sanctions against Russia.
The war, which has now lasted five months, is having economic and social repercussions ranging from possible food shortages in Africa to disruptions in energy supply in the European Union, which in turn increases the risk of a global recession.
