EU Is Planning to Provide Funds to Rescue Ukraine’s War-Torn Economy – Bloomberg

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The EU is expected in the coming days to finalize details of a 9 billion-euro financial package for Ukraine to bolster the war-torn nation. We’re told the new macro-financial assistance program would consist of 25-year loans, with a 10-year grace period to reimburse the principal, and that the EU budget would cover interest payments. President Volodymyr Zelenskiy underlined the devastation wreaked on the country’s economy by the Russian invasion. Speaking virtually to a Milan conference yesterday, he said “normal economic life” in Ukraine isn’t possible. “Almost half of our economy and our economic system is not operational,” he added. In another show of support, EU leaders are set to formally grant Ukraine candidate status later this week, following a meeting of ambassadors yesterday where nobody opposed the decision, according to officials. Here’s the latest news on the war.