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Ukraine needs $15 billion for rapid recovery, report

Ukraine needs $15 billion for rapid recovery, report Photo: $15 billion is needed for the rapid recovery of Ukraine (Getty Images)

The Cabinet of Ministers, the World Bank Group, the European Commission, and the United Nations have presented the report Third Ukraine Rapid Damage and Needs Assessment - RDNA3. According to the document, $15 billion is needed for the rapid recovery of the country, according to the Ministry of Finance of Ukraine and the RDNA3 report.

"The report serves as an analytical basis to support the rapid recovery and long-term reconstruction of Ukraine following the large-scale invasion by Russia. The assessments, verified by partners, will help consolidate additional funds for reconstruction, including from international partners within the Donor Coordination Platform for Ukraine," said Ukrainian Finance Minister Serhiy Marchenko.

The report presents conclusions regarding Ukraine's losses from the war with Russia from February 24, 2022, to December 31, 2023. It provides an assessment of the country's short-, medium-, and long-term reconstruction and recovery needs.

As of December 31, 2023, the reconstruction and recovery needs over the next 10 years will amount to nearly $486 billion. Direct losses amounted to nearly $152 billion.

These needs include critical measures for rapid recovery, as well as medium-term recovery based on the "build back better" principle.

The need for rapid recovery is $15 billion, of which $5.5 billion has already been provided from the state budget and donor support. Thus, Ukraine needs an additional $9.5 billion to finance priority recovery.

Loss estimates

In March 2023, the World Bank estimated Ukraine's reconstruction needs due to the Russian invasion at $411 billion. The amount increased compared to the estimate of $349 billion published in September 2022.

At the same time, Ukrainian Prime Minister Denys Shmyhal announced that the $411 billion needs did not include data on losses in temporarily occupied territories.

Today, February 15, it became known that the World Bank, the European Commission, and the UN have increased their estimates of the total cost of reconstruction and recovery for Ukraine to $486 billion over the next decade.