Rebuilding Ukraine to cost $349 bn: report

World
0
(0)

A research released on Friday estimates that it will take $349 billion to rebuild Ukraine after the destruction brought on by the Russian invasion.

As per a combined assessment by the Ukrainian government, the European Commission, and the World Bank, the amount, which is 1.5 times the size of the Ukrainian economy, is only a minimum and is anticipated to rise in the ensuing months as the war continues.

As per the assessment, the physical damage alone caused since the invasion in late February through June 1 was already $97 billion.

Also read | India can benefit from the price cap imposed on Russian oil by the G7: US officials

“The Russian invasion of Ukraine continues to exact a terrible toll, from significant civilian casualties and the displacement of millions of people to the widespread destruction of homes, businesses, social institutions, and economic activity,” said Anna Bjerde, the World Bank’s regional vice president for Europe and Central Asia.

The report projects that $105 billion will be required over the next 36 months to address urgent needs, including repairing critical infrastructure in the areas of education, health, and housing, as well as supporting agriculture and restoring heating and energy to homes in time for the upcoming winter.

Also read | Will the era of Charles III be fraught with economic uncertainty, dampening national sentiment?

Denys Shmyhal, the prime minister of Ukraine, stated that while restoration is already under way in the former occupied areas, outside assistance will be needed.

“Only for the first stage, rapid recovery, $17 billion is needed, of which Ukraine needs $3.4 billion already this year,” he said in a statement.

Allies have rushed to pump aid into the war-ravaged country, with the G7 and the European Union contributing $39 billion.

European Commission President Ursula von der Leyen said the EU has mobilized 10 billion euros “in financing, humanitarian, emergency, and military assistance for Ukraine and another 5 billion euros in financing are in the pipeline.” 

(With inputs from agencies)

WATCH WION live TV here:

How useful was this post?

Click on a star to rate it!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.