Sports

Ukraine will need hundreds of billions to rebuild, says Zelenskyy – SABC News

Ukrainian President Volodymyr Zelenskyy told World Bank/IMF meetings on Thursday that Ukraine needs $7 billion a month to offset economic losses caused by Russia’s invasion of his country.

He said the world community must immediately exclude Russia from international financial institutions, including the World Bank and the International Monetary Fund and others.

In a virtual speech, Zelenskyy called on the countries that imposed sanctions and freezes on Russian assets to use this money to rebuild Ukraine after the war and to pay for the losses of other countries.

World Bank President David Malpass said physical damage to Ukraine’s buildings and infrastructure from the Russian invasion had reached around $60 billion and would continue to increase as the war progressed.

The conference, held on the sidelines of the IMF-World Bank spring meetings, was attended by finance officials from a number of countries, including US Treasury Secretary Janet Yellen, who earlier said the US would double its direct non-military aid commitment to $1 billion.

Ukrainian Prime Minister Denys Shmyhal, who personally attended the conference, said Ukraine’s GDP could fall by 30% to 50%, with direct and indirect losses totaling $560 billion so far.

That sum, at $155.5 billion in 2020, is more than three times the size of Ukraine’s economy, according to the World Bank.

“Unless we end this war together, casualties will increase dramatically,” Shmyhal said, adding that Ukraine would need a recovery plan similar to the post-WWII Marshall Plan that helped restore a war-ravaged one rebuild Europe.

Ukraine will need hundreds of billions to rebuild, says Zelenskyy – SABC News

Source link Ukraine will need hundreds of billions to rebuild, says Zelenskyy – SABC News

Back to top button