Advertisement

Updated May 4th, 2022 at 15:06 IST

EU chief Ursula Von der Leyen hints at plan to work on reconstruction of war-torn Ukraine

During her address at European Parliament, the EU chief stressed that for Ukraine to emerge victorious, it is necessary for the country to be able to "rebuild".

Reported by: Dipaneeta Das
EU
IMAGE: AP | Image:self
Advertisement

The President of the European Union, Ursula Von der Leyen on Wednesday hinted at planning to work on the reconstruction of Ukraine, which will be one of the prime requirements following the devastation of the ongoing war. During her address at the European Parliament, the EU chief stressed that for Ukraine to emerge victorious, it is necessary for the country to be able to "rebuild." She added, "(Russian President Vladimir) Putin aimed to wipe out Ukraine from the map completely but will clearly not succeed. On the contrary, Ukraine has risen in bravery and unity and it is own country Russia that Putin is sinking."

Announcing the sixth package of sanctions against Russia, the EU chief highlighted that it is necessary "to set the condition for Ukraine's success in the aftermath of the war." She introduced the "relief and reconstruction" initiative for Ukraine, under which the 27 nations bloc is expected to extend immediate relief and short-term economic support to help Ukraine "cope with the fall out of the war."

It is pertinent to mention that the spotlight of the new EU sanctions package was a complete embargo on Russian oil imports. Further, Ursula Von der Leyen also underscored that the European nations will phase out energy reliance on Russia by the end of 2022. In addition, the penalties also targeted Russian banks, with the further exclusion of Russian financial institutions from the SWIFT global messaging system.

EU chief lays groundwork for 'ambitious recovery package' for Ukraine

The EU has extended a plethora of assistance programs for Ukrainian redevelopment and rebuilding. The bloc has offered a micro-financial assistance package, the direct support to the Ukrainian budget. Apart from this, the EU has also recently proposed to scrap all duties on imports and exports to and from Ukraine for a year, a vote on which is due at the European Parliament.

According to International Monetary Fund (IMF) projections, Ukraine's GDP is expected to fall by 35% to 50% this year alone, the EU chief noted. From May onwards, Kyiv will need 5 billion euros per month to keep the country running, she added. "Simply, to pay pensions, salaries and provide for basic services," she emphasised. The EU President further called for the UN's budgetary support to ensure Ukraine recovers from the manifold difficulties that will entail the three-month-long running war.

The second phase of reconstruction is "staggering", the EU chief remarked. "Hospitals, schools, houses, roads, bridges, railway, factories, etc. have to be rebuilt," she pointed out. According to economic experts, Ukraine will require several hundred euros to accomplish the said restoration. Lastly, she laid the groundwork for an "ambitious recovery package" to ensure massive investments to meet the needs and necessary reforms in line with Ukraine. "The package should address the existing weaknesses of the Ukrainian economy and lay the foundation of sustainable and long-term growth," she concluded.

(Image: AP)

Advertisement

Published May 4th, 2022 at 15:06 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

Advertisement
Advertisement
Advertisement
Whatsapp logo