EU pledges to set up a fund for Ukraine as country’s economic loss to hit $62 billion

The European Union (EU) has promised to set up a special fund for the reconstruction of war-torn Ukraine following Kyiv‘s estimations that the country’s direct economic loss this year  would be about $ 62 billion.

The EU says that given the ‘devastation and enormous damage’ inflicted  to Ukraine by Russian military aggression, the European Union stands ready to support the Ukrainian government in meeting the state’s urgent needs and rebuilding a democratic Ukraine after the war.

Ukraine is expected to lose 1/3 of its GDP due to the war.

Russia invaded Ukraine on February 24.