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EU proposes to create solidarity fund for Ukraine’s basic needs By Reuters

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

AMSTERDAM (Reuters) – The European Union is considering a solidarity fund for Ukraine to help provide basic services and meet the urgent needs of citizens in the country, European Council President Charles Michel said on Friday.

“The fund will provide the authorities with liquidity for ongoing support, and in the long run, once hostilities cease, it will be the backbone of rebuilding a liberal and democratic Ukraine,” Michel said in a tweet.

Partners can contribute to the fund through an international donor conference, Michelle said.

An EU official said the topic would be discussed at a summit of EU leaders next week, adding that the presidents had discussed whether Ukraine needed continued international financial support to finance imports of basic necessities and military equipment.

The Russian incursion has cut Ukraine off from international financial markets, and the fund could provide the liquidity needed to keep government services running, continue defense efforts and provide essential services, the official said.

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