The Communication follows from the European Council call to address the consequences of the war in Ukraine via a dedicated Europe-led effort. The war has resulted in a collapse of tax, export and other revenues, compounded by large-scale illegal appropriation of assets and export goods including in the agricultural sector, while essential expenditure has skyrocketed. The International Monetary Fund has estimated Ukraine's balance of payments gap until June at roughly €14.3 billion ($15 billion). In addition to the €4.1 billion already mobilised to support Ukraine's overall economic, social and financial resilience, to address Ukraine's significant short-term financial needs, the Commission envisages to propose granting Ukraine in 2022 additional macro-financial assistance in the form of loans of up to €9 billion, to be complemented by support from other bilateral and multilateral international partners, including the G7. To support Ukraine’s long-term reconstruction, the Commission proposes establishing an international coordination platform, the ‘Ukraine reconstruction platform', co-led by the Commission representing the European Union and by the Ukrainian government, that would work as an overarching strategic governance body, and be responsible for endorsing a ‘RebuildUkraine’ reconstruction plan. To support the reconstruction plan, the Commission would set up the ‘RebuildUkraine' Facility as the main legal instrument for the EU’s support, through a mix of grants and loans.