August 11, 2022

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Full cost of rebuilding Ukraine impossible to quantify, says German finance minister

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BERLIN, Could 24 (Reuters) – German Finance Minister Christian Lindner mentioned on Tuesday it was unattainable to say how substantially it would price to rebuild Ukraine as extensive as combating with Russia carries on, amid European Union conversations on how to fund further support for Kyiv.

“The Ukrainian aspect won’t communicate a ton about reconstruction. The priority is halting the war, the precedence is securing the functionality of the Ukrainian condition,” Lindner reported in Brussels after the May perhaps assembly of European finance ministers.

“No 1 can set a variety on how wonderful the have to have is to rebuild the state,” he additional.

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Supplying reconstruction support to Kyiv was not just the obligation of Europe, but also international bodies these types of as the Worldwide Monetary Fund, the Environment Bank and the non-public banking sector, added Lindner.

He also alluded to the risk of seizing Russian point out belongings to assistance fund reconstruction – a Ukrainian request which the minister mentioned very last 7 days was being regarded by the Group of 7 (G7) nations. examine a lot more

Previous week, the European Fee proposed location up a “RebuildUkraine” facility of grants and financial loans of unspecified dimensions, modelled on the EU’s present restoration fund for which the bloc jointly borrowed on the sector. browse additional

It stays unclear how this new fund would be financed, but Lindner reiterated on Tuesday that Germany procedures out the issuance of any further more joint EU financial debt and named for a consolidation of EU finances in 2023.

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Reporting by Miranda Murray and Rachel Much more Modifying by Emelia Sithole-Matarise

Our Criteria: The Thomson Reuters Rely on Concepts.

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