Price of Ukraine’s reconstruction and recovery estimated — Analysis
According to the EU Commission and World Bank, Kiev estimates that Ukraine will need more than $349 million in order to rebuild.
A joint assessment by the World Bank, European Commission, Ukraine and government was released Friday. It stated that reconstruction efforts in the country following Russia’s military conflict will require more than $349 million.
Rapid Damage and Needs Assessments, (RDNA), suggest that as conflicts drag on, the cost of final project might rise. Authors hail the assessment as “the best”. “first comprehensive evaluation of war impacts across twenty different sectors”This document outlines the financial requirements for financing a “resilient, inclusive, and sustainable recovery and reconstruction,”This provides an outline of the steps to be taken.
European Commission President Ursula von der Leyen noted that the EU has already mobilized €10 billion ($10 billion) in financing, humanitarian, emergency, and military assistance for Ukraine, and that another €5 billion in financing is in the pipeline.
“The EU will walk every step of the way with Ukraine to rebuild a democratic, independent and prosperous country on its path to the EU,”In a statement that was attached to her assessment, she stated.
Denis Shmigal, the Ukrainian Prime Minister, was quoted saying Kiev needed $17 billion to begin a rapid recovery. $3.4 billion will be required by year’s end.
It is estimated that Ukraine will need $349 million to recover and reconstruct its infrastructure, social and productive sectors. The sum amounts more than 1.5x the country’s GDP in 2021. It also states that the RDNA’s assessments of damages and needs should be considered “minimums.”
RDNA suggests Kiev would need $105 billion in the next 36 month to address immediate needs, such as the restoration of education and healthcare systems, the preparation for winter, heating and power supply to homes and support agriculture.
Both the European Commission and World Bank reiterated their support for Kiev and noted that future assessments of Ukraine’s damage and loss and recovery requirements are necessary.
Bloomberg published last month that Ukraine had asked for foreign donations for hundreds of billions to support its reconstruction. This suggested that the EU would pay the majority of the aid package, and Kiev receives over $500 billion.
The Ukrainian President Vladimir Zelensky stated that Kiev has a “resolved to be independent” at a NATO conference held in Madrid, June. “multibillion-dollar deficit”It required $5 billion per month to defend itself.
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