Ukraine will need $10-15B for rapid recovery next year - PM

Ukraine will need $10-15B for rapid recovery next year - PM

In 2024, Ukraine will need USD 10-15 billion for rapid recovery.

According to an Ukrinform correspondent, Prime Minister Denys Shmyhal said this at a press conference.

"Next year, the amount will not change. Rapid recovery remains in the range of USD 10-15 billion," he stated.

Shmyhal noted that Ukraine has currently financed USD 3.3 billion in rapid recovery expenditures. The rest of the expenses will be financed next year.

"We did not plan to finance the Recovery Fund from the state budget for the next year. We expect to raise funds from our partners," the Prime Minister said.

He added that creating the positions of special representatives of the presidents of Ukraine's partner states is part of the agreement to raise funds for the Recovery Fund.

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Shmyhal emphasized that the main source of funding for Ukraine's recovery should be the confiscated assets of Russian citizens. He said that the Ministry of Justice, together with a group headed by the head of the Presidential Office, Andriy Yermak, have developed a special compensation mechanism that will raise funds for the country's recovery. The mechanism has three components: the international register of losses of Ukraine (which is already in operation), the compensation commission, which should determine how to use the funds effectively, and the fund to which the money will be transferred.

"We are making progress in negotiations with the U.S., Canada, and the EU on such a mechanism for attracting Russian funds. We are discussing how to confiscate them. No one has any doubts about how to confiscate money from oligarchs. As for sovereign assets, the discussion is still complicated. We want all these assets to be confiscated in favor of Ukraine," Shmyhal noted.

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The Prime Minister stressed that the process of confiscating Russian funds in favor of Ukraine is ongoing but remains difficult.

As Ukrinform reported, Prime Minister Denys Shmyhal said at the Yalta European Strategy that over UAH 60 billion had already been allocated for rapid reconstruction in Ukraine.

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