Ukraine estimates that national recovery plan will cost $750 billion

• Ukraine estimates that it requires $750 billion to finance a national recovery plan.
•  Russia’s invasion inflicted more than $100 billion in infrastructure damage, according to Prime Minister Denys Shmyhal.
• The country is currently assessing the damages and formulating a multi-phased restoration plan.

Ukraine stated that it requires $750 billion to finance a national recovery plan as it begins to develop a strategy for rebuilding its demolished infrastructure and revitalizing its economy.

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Prime Minister Denys Shmyhal also stated at the Ukraine Recovery Conference in Lugano that Russia’s invasion had inflicted more than $100 billion in infrastructure damage, and that the country was currently assessing the damages and formulating a multi-phased restoration plan.

Shmyhal stated that the confiscated assets of the Russian government and oligarchs should serve as the “primary source” of finance for the reconstruction initiative.

In his address to the conference in Switzerland, the prime minister stated, “The Russian authorities unleashed this murderous war and inflicted this immense destruction, and they should be held accountable.” “Our objective is not simply to restore glass and concrete, but to construct a new nation.”

Approximately four months after Russia’s invasion, Ukraine and its partner are engaged in intensive planning for the upcoming complex and costly reconstruction effort.

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There will be three phases of the recovery plan, according to Shmyhal: an immediate phase focused on rebuilding key infrastructure elements such as water mains, a second phase involving the construction of schools and temporary housing, and a third phase focusing on the “long-term transformation” of the country and its economy.

The planning process has been accelerated by the EU’s decision last month to offer candidate status to Ukraine. It will involve a large number of governments and organisations from around the globe, including major lending institutions such as the World Bank and European investment banks.

However, the country’s partners are still in the preliminary phases of finding new funding sources to meet the overwhelming demand.

Shmyhal stated that the finance would need to come from international organizations and partner nations, as well as the private sector, enterprises, and the national budget of Ukraine. However, he continued, “We feel that the principal source of recovery should be confiscated Russian and Russian oligarch assets.”