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World Bank: Ukraine needs $411 billion for recovery

by The Kyiv Independent news desk March 23, 2023 5:51 PM 1 min read
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The World Bank has increased its assessment of Ukraine's needs for recovery and reconstruction to at least $411 billion based on the damages caused by the first year of Russia's all-out war, Bloomberg reported on March 23.

This figure is equivalent to 2.6 times Ukraine's projected gross domestic product in 2022, according to Bloomberg.

The World Bank's assessment also found that Russia's full-scale invasion had pushed 7.1 million people into poverty and rolled back 15 years of development progress.

In September, the World Bank made its first estimate of $349 billion, based on the damages in the first three months of the invasion.

According to the World Bank's data, the damages did not increase as much as expected after the first three months due to several factors.

They include the most intense hostilities remaining limited to areas that have already suffered considerable destruction, some of the country's needs already having been met by the government together with international support, and the government's ability to maintain uninterrupted delivery of essential services.

The World Bank has already committed $20.6 billion to Ukraine, Bloomberg wrote.

According to the Kyiv School of Economics, the total damages in Ukraine caused by Russia's war have reached almost $143.8 billion as of February 2023.

Ukraine to use $460 million worth of confiscated Russian assets for reconstruction
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