UKRAINSKA PRAVDA — THURSDAY, 13 OCTOBER 2022, 01:30
In 2022, Russian terror led to the contraction of the Ukrainian economy by more than a third.
Source: President of Ukraine, Volodymyr Zelenskyy, at the Second Ministerial Roundtable Discussion for Support to Ukraine under the leadership of the Ukrainian Government, the World Bank Group and the IMF
Quote: “This year, Russian terror led to the decline of the Ukrainian economy by more than a third. Similarly, the real income of our people decreased by a third. Thousands of enterprises and infrastructure facilities were destroyed. Millions of people became internally displaced.”
Details: Zelenskyy stated that there are currently two key state financial needs, namely:
- USD 38 billion to cover the state budget deficit next year to secure salaries for teachers, doctors, social benefits, and pensions;
- USD 17 billion, which are verified by the World Bank and are necessary for the reconstruction of critical infrastructure within the RDNA. These are schools, hospitals, critical transport, and energy infrastructure, as well as damaged housing.
Zelenskyy also said that Ukraine needs targeted loans of 2 billion dollars to rebuild the electricity infrastructure after the destruction and to expand exports to Europe. Ukraine also needs credit limits for the purchase of gas and coal for the next heating season. The volume of this level of support is at least 5 billion dollars.
Zelenskyy stated that the new program of cooperation with the International Monetary Fund is critically important to counter the deficit and guarantee stability. He said that the realistic volume is up to USD 20 billion.
Background: Zelenskyy praised the results of the Ramstein meeting and creation of a new group to coordinate financial aid for Ukraine.