The European Union is ready to propose a financial aid package of around €50 billion ($55 billion) to support Ukraine as the country embarks on a critical counteroffensive to retake territory lost since Russia’s invasion more than a year ago.
The proposal from the European Commission, the EU’s executive arm, will help finance the Ukrainian government’s current expenditures and pay for urgent reconstruction priorities, according to people familiar with the plan.
The package, still subject to changes before it’s made public, will be announced Tuesday ahead of a conference this week in London, where donors will discuss how to rebuild the country and Ukrainian officials will seek private sector involvement.
The commission wants to avoid a burdensome reconstruction instrument for a country at war and will offer the aid in the form of grants, concessional loans and guarantees, said the people, who spoke on condition of anonymity because the discussions are private.
