Financial support pouring in from leaders at 'Ukraine Recovery Conference'
Speaking at the 'Ukraine Recovery Conference' on Wednesday and Thursday, leaders announced their financial support for Ukraine. In addition to the 3 billion dollars announced by Rishi Sunak on Tuesday, 50 million euros from the EU and 1.3 billion dollars from the US were announced. However, the statement from Ukraine is that the country still needs 6.5 billion dollars.
After British Prime Minister Rishi Sunak announced on Tuesday that he would provide Ukraine with a $3 million aid package for the next three years, leaders from various countries and organizations speaking at the Ukraine Recovery Conference continued to announce aid packages.
50 MILLION EUROS FROM THE EU
The European Union (EU) announced Tuesday that the bloc will provide Ukraine with a financial aid package of 50 billion euros.
Of Tuesday's aid pledge, funds provided by EU members will mainly come in free grants and loans, which will be disbursed to Ukraine over the next four years from 2024 to 2027.
The package will help finance the Ukrainian government's current expenditures, pay for urgent reconstruction priorities, and provide guarantees to private investors.
World leaders in Ukraine Recovery Conference
1.3 BILLION DOLLARS FROM USA
Speaking at the Ukraine Recovery Conference on Wednesday and Thursday, US Secretary of State Antony Blinken announced that the US will provide more than $1.3 billion in additional aid to Ukraine.
Blinken added that the aid is not only for investment, but also for building a Ukrainian army strong enough to protect Ukraine's sovereignty, territorial integrity and independence.
"So let's be clear, Russia is causing Ukraine's destruction and Russia will eventually bear the cost of Ukraine's reconstruction," he said. "We stand ready to support Ukraine in its reform efforts on the path towards membership."
US Secretary of State Antony Blinken
RISHI SUNAK HAD OFFERED 3 BILLION DOLLARS
A day before the conference, UK Prime Minister Rishi Sunak announced a $3 billion aid package for Ukraine's reconstruction over the next three years.
The UK has said that more than 400 companies from 38 countries with a combined annual revenue of more than $1.6 trillion had promised to back Ukraine's recovery and reconstruction.
UK Prime Minister Rishi Sunak
'WE STILL NEED 6.5 BILLION DOLLARS'
Ukrainian Prime Minister Denis Shmyhal told the conference that Ukraine has already committed $4.3 billion of the total $14.1 billion needed for the next twelve months. But Ukraine still needs $6.5 billion, he said.
"One of the key questions we are constantly facing is who will pay the hundreds of billions for the recovery? First and foremost: Russia must pay for what it has destroyed," he said.
Source: Reuters - commonspace.eu
