EU to reflect needs for Ukraine's recovery in its multiannual budget - Dombrovskis

Executive Vice President of the European Commission (EC) Valdis Dombrovskis stated this today in Strasbourg during a hearing in the European Parliament on the humanitarian and environmental consequences of the Russians' blowing up the Kakhovka hydroelectric power station dam, according to an Ukrinform correspondent.

Dombrovskis said that the EU is committed to continuing its long-term efforts to restore and rebuild Ukraine. The EC is considering the extension of EU assistance to Ukraine in the medium term, beyond 2023, as part of MFF’s revision for 2024-2027.

According to him, Ukraine will need additional assistance this year for immediate emergency recovery measures. As per preliminary estimates, the amount of such aid could reach USD 40 billion for the immediate restoration of civil, social, and energy infrastructure, housing reconstruction, private sector development, and humanitarian demining.

Dombrovskis emphasized that the Ukrainian government should play a crucial role in implementing such rapid recovery plans and coordinate international efforts in medium- and long-term recovery programs.

He says there is a need for a plan that will ensure a broad approach, set out a clear vision of recovery priorities, and support Ukraine on its path to the EU. It will also help to develop measures to provide Ukraine with stable and predictable financial assistance after 2023, coming from a broad donor base. This requires a broad-based approach from the Ukrainian authorities.

He emphasized that Ukraine should take full advantage of the multilateral donor coordination platform’s potential. This should play a crucial role and become the main mechanism for attracting international efforts and resources needed for the recovery after 2023.

Dombrovskis also stressed the importance of funding Ukraine's recovery from Russian assets. The EU is determined to ensure that Russia is held accountable for its unprovoked and unjustified war of aggression against Ukraine.

According to him, the EU will continue to coordinate with European financial institutions, including the EIB and the EBRD, which have an important role to play in this work to restore and rebuild Ukraine.

Dombrovskis added that the EC is finalizing an agreement today that will allow the EIB to provide EUR 100 million in new loans to Ukraine, backed by EU guarantees.

As reported, since the start of Russia's military invasion of Ukraine, the EU has continued to provide political, economic, financial, humanitarian, and military assistance to Ukraine. The EC, together with the Government of Ukraine, is coordinating the activities of an international donor platform that should become the main source of public and private funds for Ukraine’s reconstruction.