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

The European Union is considering creating a solidarity fund for Ukraine to help provide basic services in the country and meet citizens’immediate needs, European Council President Charles Michel said on Friday.

“The Fund would give liquidity for continued support to authorities and in the longer term serve as backbone for reconstruction of a free and democratic Ukraine once hostilities stop”, Michel said in a tweet.

Partners could contribute to the fund through an international donors conference, Michel said.

An EU official said the topic would be discussed at a summit of EU leaders next week, adding that the presidents had discussed the need for Ukraine to retain access to international financial support to fund imports of basic necessities and military equipment.

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