Ukraine needs another $9.5B this year to finance priority recovery needs

Ukraine needs another $9.5B this year to finance priority recovery needs

In 2024, Ukraine needs another $9.5 billion to finance the priority recovery needs: defense industry, energy sector, restoration of damaged housing, etc.

That’s according to the Finance Ministry’s press service, Ukrinform reports.

“According to the RDNA3 report developed by the Government of Ukraine in cooperation with international partners, Ukraine needs USD 15.3 billion for rapid recovery in 2024. Of this amount, about USD 5.5 billion has already been financed from the State Budget and donor support. Thus, Ukraine needs another USD 9.5 billion to finance the priority recovery needs. These include the defence industry, energy, housing reconstruction, agriculture, natural resources, digital technologies, and the IT sector,” the report says.

Read also: Government hopes to receive $2.2B from IMF this month - PM

As noted, due to constantly increasing need for rapid recovery in the face of Russian terror, Ukraine is facing a new reality that requires an adaptive recovery approach. It includes building back better principles, the green recovery, involving adopting best practices in engineering, construction, transfer of technologies, private sector involvement, accountability for resource use, and economic recovery on Ukraine's path to EU and NATO membership.

"Creating a favourable environment for investment involves improving access to financing for investment projects, providing war and political risk insurance, and introducing state support mechanisms. The Government of Ukraine is actively cooperating with several partners and is committed to implementing steps to improve this process,” said Deputy Minister of Finance Olga Zykova.

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