Ukraine needs $55B for budget deficit, reconstruction: President

WASHINGTON

Ukraine needs a total of $55 billion to cover next year's budget deficit and rebuild its infrastructure, President Volodymyr Zelenskyy said Wednesday.

Speaking by video link at a roundtable meeting with the World Bank and the International Monetary Fund (IMF), Zelenskyy said his nation needs $38 billion to make up for the estimated deficit in the budget for next year and another $17 billion for critical infrastructure including schools, hospitals and energy facilities.

“The more assistance Ukraine gets now, the sooner we’ll come to an end to the Russian war, and the sooner and more reliably we will guarantee that such a cruel war will not spread into other countries,” he said.

IMF Managing Director Kristalina Georgieva praised the economic support provided to Ukraine by the West.

"In partnership with the Ukrainian authorities, we have achieved a remarkable feat in 2022: $35 billion in grant and loan financing has been committed from Ukraine’s international partners," said Georgieva.

Stating that Ukraine's financing needs will "remain very large" next year, she said: "This requires actions on the part of the authorities but importantly also the international community."

"Our current thinking is that the financing requirements will be around $3-$4 billion per month in 2023. This reflects the reality that the fiscal deficit will remain very large, reflecting the impact of the war.”

In her remarks, US Treasury Secretary Janet Yellen said the US is working to support Ukraine’s resistance by providing economic aid and supporting critical government services.

She said more aid will be sent to Ukraine in the coming weeks.

*Dilara Zengin contributed to the story