EU proposes additional financial assistance of €9 billion for war-torn Ukraine in 2022

As war continues to escalate in Eastern Europe and entered day 84th, European Union (EU) on Wednesday proposed an ditional €9 billion ($9.5 billion) in macro-financial assistance for war-torn Ukraine in 2022. European Council President Ursula von der Leyen stressed that that bloc will continue to be on Ukraine's side throughout this war and y start rebuilding. She stated that EU has a responsibility and a strategic interest in leing efforts to rebuild Ukraine, and she suggested that a rebuilding platform be established for same. 

Von der Leyen went on to say that Ukraine and EU executive body would le platform, which would coordinate actions of EU members, or nations, international dors, and international financial institutions. According to her, Ukraine's rehabilitation should include both investment and reforms in areas such as "anti-corruption, ministrative capability, rule of law, and judiciary independence. "se investments will help Ukraine emerge stronger and more resilient from devastation caused by Russian military," she ded. 

EU Member States increasing ir defence spending: Von der Leyen

European Commission President claimed that Member States are increasing ir defence spending. She suggested that this money should be spent in a coordinated way and dress capability gaps identified by EU and rth Atlantic Treaty Organization (NATO). "We will set up a task force with Member States to coordinate immediate replenishment and procurement needs. It will be accompanied by a financial incentive instrument to purchase jointly.  And n in fall, we will propose a regulation to make sure that joint procurement benefits from full VAT exemption," she remarked. 

EU to provide ditional €500 million in military aid to Ukraine

It is worth mentioning here that EU also pledged to provide ditional 500 million euros (over Rs 4,021 crores) worth of military assistance to war-torn Ukraine. Speaking to reporters on May 13, EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, said, "We will provide a new tranche of 500 more million to support military of Ukraine,"  Associated Press (AP) reported. He ded that funds would be used to purchase heavy weapons, bringing EU's total financial support for Ukraine to 2 billion euros ($2.1 billion).