Ukraine requires $349 billion to repair the damage caused by Russia, says World Bank and EU

Ibekimi Oriamaja Reports

The World Bank Group (WBG) and European Union (EU) estimate that Russia’s invasion of Ukraine will cost $349 billion to repair.

WBG President David Malpass delivered the assessment on Wednesday at the 2nd Ministerial Roundtable for Ukraine Support.

The meeting was one of several high-level discussions taking place during the ongoing World Bank-IMF Annual Meetings in Washington, D.C.

President Volodymyr Zelensky, Prime Minister Denys Shmyhal, IMF Managing Director Georgieva, and US Treasury Secretary Janet Yellen were all present.

Malpass observed that despite the war’s eight-month duration, the Ukrainian people and their leaders remain determined and resilient.

The American expert expressed his surprise at Russia’s actions, the loss of lives and livelihoods, and the economic turmoil caused by the war.

Malpass stated that the World Bank and its partners are standing by the people of Ukraine as they deal with an increase in deadly attacks across the country.

According to the President, the country’s desire for recovery and reconstruction is massive and growing.

“The World Bank, the European Union, and the Ukrainian government issued a Rapid Damage and Needs Assessment, which estimated Ukraine’s recovery and reconstruction needs at $349 billion.”

“That amount is one and a half times Ukraine’s GDP prior to the invasion,” he told a global audience.

According to Malpass, Ukraine’s basic non-military budget financing needs are significant and will require ongoing external financing support.

As winter approaches, more money will be needed to repair roads, bridges, homes, schools, clinics, and energy supplies, according to the analyst.

The World Bank has mobilized $13 billion in emergency financing for Ukraine, including grants and guarantees.

America, the United Kingdom, European countries, and Japan all provided parallel funding. Approximately $11 billion has been disbursed.