Zelensky: Ukraine needs 55 billion dollars

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Ukrainian President Volodymyr Zelensky announced that his country needs a total of 55 billion dollars to close next year’s budget deficit and rebuild its infrastructure.

The World Bank, the International Monetary Fund (IMF) and the Ukrainian government held the second ministerial roundtable to discuss support for Ukraine, with some countries represented.

Ukrainian President Zelensky and Ukrainian Prime Minister Denis Shmygal participated in the meeting via video conference.

In his speech at the meeting, Zelenskiy said that Russia’s attacks have damaged Ukraine’s infrastructure.

Emphasizing the importance of aid to Ukraine, Zelenskiy said, “The more aid Ukraine receives, the sooner we will end Russia’s war and the sooner and more reliably guarantee that such a brutal war will not spread to other countries.”

Zelensky reported that Ukraine needs $38 billion to close next year’s estimated budget deficit and $17 billion to rebuild its infrastructure.

“Financing needs will be around 3-4 billion dollars a month in 2023”

In her speech at the meeting, IMF President Kristalina Georgieva said that Ukraine will continue to have large financing needs in 2023.

Emphasizing that the need for external financing will continue to be great as long as the war continues, Georgieva noted that they estimate that Ukraine’s financing needs will be around 3-4 billion dollars per month in 2023.

Georgieva stated that 35 billion dollars of grant and loan financing was committed for Ukraine in 2022.

We need to start planning Ukraine’s needs in 2023

US Treasury Secretary Janet Yellen stated that donations to Ukraine should continue.

Yellen reminded that the US Congress recently approved another grant aid of 4.5 billion dollars for Ukraine and that the payment of this aid will begin in the coming weeks.

Yellen reminded that the US had previously provided Ukraine with 8.5 billion dollars in grant aid.

Stating that they welcome the efforts of all donors to meet Ukraine’s needs, Yellen stated that the scale, predictability and grant components of the payments should be improved.

“As Russia’s shameful actions continue, we must continue our joint efforts and begin planning for Ukraine’s needs in 2023,” Yellen said.

“Ukraine’s recovery and reconstruction needs are enormous”

World Bank President David Malpass also announced that Ukraine’s recovery and reconstruction needs are huge and continue to grow.

Pointing out that Ukraine’s basic non-military budget financing needs are great, Malpass said that the country needs continuous external financing support.

Recalling that since the start of the war, the World Bank Group has mobilized $13 billion in emergency financing, including grants, guarantees and related financing from the US, UK, European countries and Japan, Malpass noted that about $11 billion of this has been disbursed.

 

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