Follow live the latest news on the war in Ukraine
Follow live the latest news on the war in Ukraine
PARIS, April 22 (Benin News) –
The World Bank said that the cost of material damage suffered by Ukraine since the start of the war amounts to around 60 billion dollars (about 55.494 billion euros) and warned that this figure does not include the “increasing costs” of the conflict with Russia for the country’s economy.
“The World Bank has made an initial estimate of the physical damage. It puts the costs, in terms of buildings and infrastructure, at around $60 billion and does not include the growing economic cost to Ukraine’s economy,” said the agency’s chairman, David Malpass. .
“Of course, the war continues, so these costs are increasing,” he warned, before noting that “the Ukrainian government and state-owned enterprises are facing a large non-military budget deficit and debt burden,” according to a transcript of his remarks provided by the World Bank on its own website.
Mr. Malpass said he was “deeply horrified” and “shocked” by the Russian invasion and “the atrocities committed against the civilian population”, while stressing that “Ukraine’s needs are immense and evolving”.
In this sense, he recalled that the World Bank “has mobilized more than 3 billion dollars (about 2.775 billion euros) to support the continuation of essential public services in Ukraine” and stressed that “the priority must be to respond financing needs in a way that minimizes the debt burden in the future.
“We are working to establish three phases of recovery efforts, namely relief, recovery and resilience. As the war continues, we will work to build confidence in Ukraine’s financial, monetary and fiscal institutions, promoting currency stability,” Mr. Malpass explained.
Within six to eight months of peace, (the World Bank) believes that rebuilding critical connectivity infrastructure such as transport, electricity, gas and digital networks needs to be addressed urgently,” he said. -he declares. “In the medium term, macro-fiscal capacities should be strengthened,” he added.
“The war has been devastating for the Ukrainian people and their economy and it must end now. Rebuilding will take hard work, determination and effort, but I am optimistic. Thanks to our collective effort, Ukraine can have a bright future,” he remarked.
During his speech, Ukrainian Prime Minister Denis Shmigal said the conversation with Mr. Malpass had been “very productive” and reported an agreement for the award of grants worth 88.5 million euros to the country, although the World Bank has not officially commented on it.
Shmigal noted in a message on his Telegram account that “Ukraine is a responsible state”, adding that the country “has a stable macroeconomic situation” and “continues to meet its financial obligations”. “However, Russian aggression is costing us dearly every day. We need financial assistance to support our people who have suffered from Russia’s actions,” he added.