EU Finances Ukrainian Economy with $85 Billion in Debt

The European Commission announced Monday that it will issue up to 80 billion euros ($84.8 billion) of long-term bonds in the first half of 2023, under the EU's single financing approach, to support Ukraine's economic recovery.

"The programs that will be funded through the consolidated funding approach in the first half of next year are the Recovery Program and the new Macro-Financial Assistance Program for Ukraine," the Commission said in a statement.

The commission explained that the value of the first program is about 70 billion euros and the last about 10 billion euros. Both programs are funded through capital market financing.

The total cost of the "New EU Generation" or "Next Generation EU" program is about 800 billion euros from 2021 to 2026, and the total financial assistance program for Ukraine is about 18 billion by 2023.