26 May 2023 13:43

Ukraine needs another $6.5 billion to meet recovery needs in 2023

MOSCOW. May 26 (Interfax) - The unmet needs of the financing of Ukraine's priority recovery this year are still around $6.5 billion with their overall assessment at $14.1 billion, Ukrainian Finance Minister Sergei Marchenko said in panel discussions at an assembly of the member states of the International Monetary Fund and the World Bank in Montenegro.

"The timely attraction of these funds is crucial for the creation of the appropriate conditions for the living of people, the return of migrants, and the facilitation of Ukraine's economic growth," Ukrainian media outlets said, quoting the minister as saying in a statement released by the Finance Ministry on Friday.

According to the ministry's statement, the state budget for 2023 envisages $3.3 billion for the priority recovery, and international partners provided guarantees totaling about $4.3 billion.

The energy sector's priority recovery needs are estimated at about $3.3 billion, humanitarian demining $400 million, the restoration of destroyed and damaged housing $1.9 million, the critical and social infrastructure $5.8 billion, and $2.8 billion are needed to support the private sector, Marchenko said.

The discussions addressed the state of the economy in the countries receiving migrants and refugees, and the minister thanked the governments of these countries for their help and protection, the ministry said.

The factor of Ukrainian migrants has a positive impact on the economies of the recipient countries, because migrants spend money and actively integrate into the European labor market, Marchenko said.

At the same time, Marchenko noted that it is a priority objective of the Ukrainian government to create incentives for citizens' return home, and the recovery of the country is crucial in this context.

The minister also said that the governments of Ukraine and the United Kingdom are closely cooperating on organizing the Ukraine Recovery Conference due to take place in London in late June.