Ukraine needs more than USD 700B for reconstruction – PM Shmyhal

The relevant statement was made by Ukrainian Prime Minister Denys Shmyhal at a meeting of the Cabinet of Ministers of Ukraine, an Ukrinform correspondent reports.

“Together with the World Bank and the European Commission, our Government has made the first verified estimate of funds needed for the reconstruction. As of June, it was USD 350 billion, and by the end of the year we will reach the amount of more than USD 700 billion,” Shmyhal said.

In his words, the Ukrainian side is making every effort to confiscate hundreds of billions of dollars that have been frozen in the West and direct them to the country’s restoration.

“It is important to understand that, when we talk about restoration, it does not mean only the reconstruction of damaged roads, bridges, schools or hospitals. Ukraine’s restoration is a radical transformation into a European country with new rules and approaches, as well as a new quality of life for people,” Shmyhal noted.

A reminder that the Cabinet of Ministers of Ukraine has launched a number of registers to collect data on the damage caused by Russian armed aggression, as well as defined a concept of the mechanism for compensating the losses caused by Russian attacks, which will be based on a multilateral international agreement.

Photo: Cabinet of Ministers of Ukraine