Germany Rejects Pooling EU Debt To Rebuild Ukraine, hundreds of billions of Euros - UrduPoint

Germany's finance minister on Friday ruled out any joint EU borrowing to help cover the massive cost of rebuilding war-scarred Ukraine, after the idea was floated by top European officials.

After chairing G7 talks in Germany that saw countries pledge nearly $20 billion (19 billion euros) in aid to Ukraine, Christian Lindner said there would be no repeat of the EU's landmark post-pandemic recovery fund, known as "Next Generation", that is being financed by common debt.

"If there is any consideration of doing something like 'Next Generation EU' again, then the answer would have to be no. This was a one-off opportunity," Lindner told reporters in Koenigswinter.

Top European Union officials earlier this week urged member states to be ambitious in helping Ukraine rebuild after the war, possibly using the pandemic fund as a model.

With the war still raging, the extent of Ukraine's reconstruction needs is not known, but the European Commission believes the damage already done is already in the hundreds of billions of Euros.