The cost of reconstruction of Ukraine is increasing after the escalation of Russian missile attacks. Ukrainian Finance Minister Serhiy Marchenko drew attention to this on Thursday, according to whom Kyiv will need more help from the West. TASR informs about it based on a Reuters report.
Lightning strikes by Russia in recent days have caused the biggest power outages in Kyiv during the nine-month war and shut down all Ukrainian nuclear power plants for the first time in 40 years. In August, the World Bank estimated that repairing Ukraine’s infrastructure would require $105 billion (€100.83 billion), but Marchenko pointed out that this number is still increasing. “Unfortunately, this number is growing every day and in the worst case it will increase significantly,” he said.
Some senior European officials estimate that rebuilding Ukraine is likely to cost more than one trillion euros, when the war, which entered its 10th month on Thursday, will finally end. Western support continues for now. The US approved an additional $400 million in military aid this week. G7 foreign ministers will also discuss how to secure energy supplies for Ukraine at a meeting next week, German Foreign Minister Annalena Baerbock said on Twitter on Thursday.
“The support of our international partners is essential for us,” Marchenko said, pointing to the 18 billion euros promised to Kyiv by the European Union. The International Monetary Fund (IMF) announced on Wednesday (November 23) that it had reached a preliminary agreement at the staff level to monitor Ukraine’s policy agenda. Kyiv hopes the move will lead to a full-fledged support program worth tens of billions of dollars.
Earlier this year, Ukraine asked the IMF for an aid program in the amount of 15 to 20 billion USD, but its approval was prevented by the fund’s debt sustainability requirements. Instead, a $1.3 billion emergency deal was made under the IMF’s new food and energy crisis program.
(1 EUR = 1,0413 USD)