EU to Discuss Creation of €50B Ukraine Fund

The Economic and Financial Affairs Council (ECOFIN) will discuss the European Commission's proposals for revising the EU's multiannual budget, which includes the creation of a €50 billion Ukraine Fund consisting of grants and loans. The fund aims to stabilize Ukraine's macro-financial situation and finance special projects for rebuilding the country. The EC expects the proposals to be finalized soon, allowing funding to begin in early 2022. However, Ukraine must present a recovery plan that includes investment areas and reforms, including integration into the EU, to receive the funding. The EU has already provided over €70 billion in financial assistance to Ukraine since the start of the Russian invasion.