In a statement German Finance Minister Christian Lindner said, it was impossible to say how much it would cost to rebuild Ukraine.

“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,” said Lindner. “No one can put a number on how great the need is to rebuild the country”.

He went on to add, “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”.

Last week, the European Commission had proposed setting up a “RebuildUkraine” facility of grants and loans of an unspecified size; this was modelled on the EU’s existing recovery fund for which the bloc jointly borrowed on the market.

So far there is no clarity as to how this new fund would be financed, although Lindner reiterated that Germany has ruled out issuing any further joint EU debt and has instead called for a consolidation of EU finances in 2023.

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