Full cost of rebuilding Ukraine impossible to quantify, says German Finance Minister
Reuters
Published May 24, 2022 14:37
BERLIN (Reuters) - German Finance Minister Christian Lindner said on Tuesday it was impossible to say how much it would cost to rebuild Ukraine as long as fighting with Russia continues, amid European Union discussions on how to fund further aid for Kyiv.
"The Ukrainian side doesn't talk a lot about reconstruction. The priority is stopping the war, the priority is securing the functionality of the Ukrainian state," Lindner said in Brussels after the May meeting of European finance ministers.
"No one can put a number on how great the need is to rebuild the country," he added.
Providing reconstruction aid to Kyiv was not just the responsibility of Europe, but also international bodies such as the International Monetary Fund, the World Bank and the private banking sector, added Lindner.
He also alluded to the possibility of seizing Russian state assets to help fund reconstruction - a Ukrainian request which the minister said last week was being considered by the Group of Seven (G7) nations.
Last week, the European Commission proposed setting up a "RebuildUkraine" facility of grants and loans of unspecified size, modelled on the EU's existing recovery fund for which the bloc jointly borrowed on the market.
It remains unclear how this new fund would be financed, but Lindner reiterated on Tuesday that Germany rules out the issuance of any further joint EU debt and called for a consolidation of EU finances in 2023.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.