Ukraine’s rebuilding will cost at least $600B – PM Shmyhal

Ukraine’s rebuilding will cost at least $600B – PM Shmyhal

In the longer term, Ukraine’s rebuilding and restoration will cost at least $600 billion.

The relevant statement was made by Ukrainian Prime Minister Denys Shmyhal on Facebook, an Ukrinform correspondent reports.

“Together with Ukrainian President Volodymyr Zelensky, I have joined the Spring Meetings 2022 of the International Monetary Fund (IMF) and the World Bank. We have told our partners about Russia’s plans to destroy Ukraine and Ukraine’s economy. The blockade of ports, strikes on plants, attempts to ruin the sowing campaign, destruction of cities. All of this is part of that plan. Ukraine’s economy has already suffered more than $500 billion worth of losses. The GDP rate may drop from 30% to 50% this year,” Shmyhal wrote.

In his words, Ukraine needs financial support from partners to withstand. In the short term, Ukraine would need $4 billion to $5 billion per month in funding within the next six months.

“One of the mechanisms of providing such support can be special drawing rights (SDRs) allocated by the IMF. We are calling on our international partners to donate 10% of their SDRs to Ukraine, which would allow us to receive billions of dollars to close the budget deficit. Thus, we will be able to continue fulfilling our social commitments, providing support for businesses and restoring critical infrastructure facilities,” Shmyhal noted.

In the longer term, Ukraine’s rebuilding and restoration will cost at least $600 billion. In cooperation with the world experts, the Ukrainian government is already developing a rebuilding plan.

In addition, Shmyhal urged the international community to support Ukraine, support freedom and democracy.

A reminder that, on April 21-22, 2022, Ukrainian Prime Minister Denys Shmyhal is paying a working visit to Washington, the United States.


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