THE Ukraine will need a post-war reconstruction plan similar to the one the United States offered to Europe after World War II, he said today EU Budget Commissioner Johannes Hahn.
In the context of Marshall Plan The United States provided financial and technical assistance to devastated, post-war Europe, amounting to about $ 200 billion over a four-year period.
“I believe that what we need for Ukraine, in the end, is an updated Marshall Plan.” said Khan in a press conference he gave.
According to the Commissioner, in this way Ukraine could recover quickly – instead of for decades– from the devastation caused by the Russian army and could converge faster with the European Union. Ukraine has formally applied to join the EU. Even in peacetime, however, this process is long, in the midst of war it is almost impossible.
Khan did not make an estimate of how much money Ukraine would need. But note that Europe can not undertake the reconstruction effort on its own and that the participation of the G20 countries, including Russia itself, will probably be needed.
Hahn reiterated that at present the EU has no plans to launch another joint borrowing program to address the economic and social consequences of the war in Ukraine. He noted that there are still many unused cheap loans in the Recovery Fund that countries could apply for. Of the Fund’s 380 billion euros, governments have so far requested only 166, which means that 214 billion euros are still available. He also said that to cover some of the costs associated with hosting thousands of Ukrainian refugees, member states could use some of the amounts allocated to them under the 2021-27 multiannual budget.
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