AMSTERDAM (Bywire News) - On Friday, the European Council President Charles Michel said that the EU was looking into launching a solidarity fund for Ukraine, which would provide humanitarian aid and attend to the immediate needs of citizens.
In a tweet, Michel said, "The Fund would give liquidity for continued support to authorities and in the longer term serve as backbone for reconstruction of a free and democratic Ukraine once hostilities stop."
He added that contributors would be able to donate through an international donors conference.
According to an EU official, the matter would be further discussed next week at a summit of EU leaders. He went on to say that presidents had spoken about Ukraine's need to access international economic support to help them pay for basic essentials and military equipment.
Since the invasion, Ukraine has been cut off from international financial markets. The new fund could supply liquidity which would help government services going as said by the official.
(Reporting by Bart Meijer; Editing by Sandra Maler and Klaudia Fior)