Ukraine’s economy is on track to take a $700 billion hit by the end of the year following a 10-month war with Russia, Ukraine’s prime minister said Tuesday.
“According to our calculations confirmed by the World Bank, as of June 1, the amount of damage to the Ukrainian economy is 350 billion dollars. By the end of the year, this amount will definitely double,” said Prime Minister Denis Shmyhal. it was announced during the forum, “Interfax” reports.
As Russia continues to bombard power grids with airstrikes, dozens of countries and agencies have pledged more than $1 billion in aid to help Ukraine through the winter months.
A Ukrainian soldier fires a mortar at Russian positions in Bakhmut, Donetsk region, Ukraine, Thursday, Nov. 10, 2022.
(AP Photo/Libkos, File)
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As the cold winter months creep in, Russia is relying on airstrikes and shelling of civilian infrastructure to break Ukraine’s morale. front lines.
“Russia has chosen an absurd strategy aimed at destroying civilian infrastructure to bring Ukraine to its knees,” French President Emmanuel Macron said on Tuesday. “The goal is clear: respond to military defeats by spreading terror among the civilian population, try to break the rear because it cannot hold the front.”
Ukrainian President Volodymyr Zelensky said Ukraine needed emergency generators to help the nearly 12 million people without electricity, as its troops needed armored vehicles.
Ukrainian President Volodymyr Zelensky and military personnel walk in a trench near the front line with Russian-backed separatists in Krasnohorivka, Donetsk region, Ukraine, Aug. 7, 2020.
(REUTERS/Gleb Garanich)
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While this funding is expected to provide much-needed aid to Ukraine, it falls short of the actual aid Kiev needs to rebuild.
In October, the International Monetary Fund estimated that if Russia continued its deadly bombing campaign, it might need $5 billion a month to keep Ukraine on its feet.
Ukrainian soldiers fire artillery at Russian positions near Bakhmut, Donetsk region, Ukraine, on November 20, 2022.
(AP Photo/LIBKOS)
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Estimates released by the World Health Organization in early September put the damage at about $97 billion — mostly in housing and transportation, while other estimates put it at $130 billion. suffered damage up to a dollar.
The bank also estimated total reconstruction needs at about $349 billion, but noted that “this figure is expected to increase in the coming months as the war continues.”
The Associated Press contributed to this report.