12 Jan 2023 10:43

Ukraine would need substantial funds for recovery - PM Shmygal

MOSCOW. Jan 12 (Interfax) - The overall funds Ukraine needs for its recovery, whose sources are already known, stand at roughly UAH 110 billion, Ukrainian Prime Minister Denis Shmygal said.

"We have determined four key sources of funding," the Ukrainian media quoted Shmygal as saying at a government meeting on January 10.

The first source is the seized Russian assets. "The government has assigned UAH 17 billion of seized assets of Russian banks to the budget fund," he said.

The second source is budget money, Shmygal said. For instance, the fund will receive UAH 35.5 billion in 2023 as a contribution of some of the National Bank's revenue.

"The third source is the money from international partners. First steps have been made in this direction. For instance, the United States has decided to allot $1.4 billion for the reconstruction of Ukraine, which is over UAH 56 billion. We are expecting to receive these funds shortly," Shmygal said.

The fourth source is donations from all over the world raised on the United24 platform, he said.

"As of this moment, the overall sum of funds for the recovery to be received from the sources known to us nears UAH 110 billion. This year, we are expecting to receive $17 billion, or UAH 680 billion for primary reconstruction," Shmygal said.