Europe expects to pay most of the cost of the reconstruction of Ukraine, Brussels estimates the amount of funds needed for reconstruction at a trillion dollars. This topic will be discussed during the IMF meetings in Washington, according to Bloomberg..

According to the agency, the European Union plans to create a dedicated trust fund that is structurally similar to the post-COVID-19 recovery mechanism for EU member states.. This fund will finance investments and reforms in agreement with the government of Ukraine.

On Thursday, the World Bank will hold a ministerial session on Ukraine during the IMF spring meetings in Washington. It is expected that the Vice-President of the European Commission Valdis Dombrovskis will take part in it..

The Commission, together with the World Bank, will conduct a thorough assessment of Ukraine's financial needs. The Ukrainian government estimates that the destruction caused by Russian troops is estimated at $1 trillion..

At the same time, it is noted that the war continues, so the EU authorities do not give exact numbers..

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Also, it is not yet determined how much money will be provided through grants or loans, and how much in the form of contributions.. In any case, EU Member States have informed that they must take into account the payment of the main part of the costs.

Some member states, notably Sweden and Slovenia, have proposed exploring ways to redirect Russian funds to Ukraine, for example by redirecting excess profits from high energy prices or using the frozen assets of Russian oligarchs under sanctions.

According to Bloomberg, Ukrainian President Volodymyr Zelensky told Commission chief Ursula von der Leyen that his government needed $5 to $7 billion a month just to cover salaries and other social spending..

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Most of the initial assistance will go to rehabilitate infrastructure and support the delivery of public services..

The Netherlands proposes that any reconstruction tool should also be used to introduce government structures that will bring Ukraine and the EU closer and smooth Kyiv's path to accession.

The Commission is also considering expanding guarantees to help companies. According to Ukraine, about a third of enterprises completely ceased their activities, and 45% reduced production.

In particular, the war has affected the agricultural sector, one of the most important in the country, as large tracts of land cannot be used, farmers face rising costs, and exports are hampered..

The union has already paid back €600 million ($647 million) in soft loans since the start of the war, the EU official said, and it is speeding up approval of an additional €600 million that could come this summer.. The EU is also working on an additional loan package that could be of the same scale..

Separately, the IMF approved $1.4 billion in emergency financing for Ukraine, while canceling the transfer of $2.2 billion from the previous loan, as it was clear that Ukraine could no longer reform and meet the conditions necessary to receive the rest of this money, including.