Ukraine will need an estimated $750 billion for its recovery plan in the aftermath of Russia’s invasion, the country’s prime minister said.
Ukrainian Prime Minister Denys Shmygal told the Ukraine Recovery Conference this week that the new renewal plan is being currently valued at $750 billion for a three-stage recovery plan.
Shmygal said that there has already been more than $100 billion in direct damage to Ukrainian infrastructure because of Russia’s invasion.
At the conference, hosted by Switzerland, Shmygal said that while today the direct infrastructure losses stand at more than $100 billion, the renewal plan needs to be paid for too, which is valued at $750 billion.
The Prime Minister said that the Ukrainian government believes a key source of funding for the recovery plan should include Russian assets confiscated and frozen by western governments.
The West has placed crippling sanctions on Russians, including on many Russian oligarchs, seizing assets worth millions, even billions, of dollars.
What to do with these assets is a major question that western governments are considering.
Shmygal said that Ukraine’s recovery plan has three phases. The first focuses on fixing things that are mandatory for people to be able to live their daily lives. This includes things like water supplies, which is an ongoing, and necessary, issue.
The second phase is a “fast recovery” component that will be launched as soon as the fighting concludes. This will include temporary housing, hospital, and school projects, and other key parts of society and life.
The third phase will aim to transform Ukraine over the longer term.
The reconstruction of Ukraine has been estimated by others to cost up to $1 trillion. It is tough for experts and analysts to get a full understanding of how much damage has been inflicted because the destruction is ongoing.
This week, Switzerland hosted a two-day conference on Monday and Tuesday with representatives from dozens of countries as well as several international institutions.
It includes hashing out a plan to rebuild Ukraine and distributing tasks among the delegates for that reconstruction.
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