EC Will Issue EU Debt Securities To Cover Ukraine’s Needs

The European Commission (EC) plans to issue new EU debt obligations to cover the needs of Ukraine in the next three months, these needs are estimated at €15 billion, wrote Politico, citing informed diplomats.

The publication notes, citing Ukrainian authorities and the IMF, that the country needs five billion euros a month to support its economy. The U.S. has promised to provide five of the fifteen billion, the other part of the amount remains uncovered. On May 6, the EC notified EU ambassadors of a plan to « fill the gap. »

According to Politico, the European Commission’s current plan is similar to the SURE program it adopted in 2020, which planned to provide €100 billion in loans to support employment in the EU. Information on how much money would be needed this time has not yet been made available.

According to sources, the new project is set to be unveiled on May 18. A number of countries, particularly Germany, Austria and Greece, have asked the EC to provide alternative funding options before that date. According to these states, if other non-EU countries provide their funds to Ukraine, the EU will have « several billion » to provide Kiev with on a bilateral basis.

source: politico.com

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