Ukraine has called for frozen Russian assets to be used to rebuild the country’s war-ravaged economy after a report showed the cost of reconstruction increasing to almost $500bn.
In their third assessment of the likely price tag for recovery and reconstruction after Russia’s invasion two years ago, the World Bank, Ukraine’s government, the European Commission and the UN said the war had caused the economy to shrink by more than 25% and had been a “dramatic setback” to Ukraine’s development.
Ukraine’s prime minister, Denys Shmyhal, said: “The needs or reconstruction have continued to grow over the past year. The main resource for Ukraine’s recovery should be the confiscation of Russian assets frozen in the west. We need to start this process already this year.”
An estimated $300bn of Russian assets have been frozen since the war started in February 2022.
This is the best summary I could come up with:
Ukraine has called for frozen Russian assets to be used to rebuild the country’s war-ravaged economy after a report showed the cost of reconstruction increasing to almost $500bn.
“The last two years have seen unprecedented suffering and loss for Ukraine and its people,” said Antonella Bassani, the World Bank vice-president for Europe and Central Asia.
The study, which covered the period until the end of 2023, said “regular, intense” attacks on infrastructure had continued, with unpredictable air and drone bombardment extending beyond established and largely unshifting battle zones, and affecting cities such as Kyiv, Odesa and Lviv.
“The destruction of the Kakhovka dam and the hydropower plant in June 2023 has resulted in incalculable impacts to the environment and exacerbated challenges already faced by people struggling to access housing, water, food and health services, among others.
There had been extensive damage to other sectors such as forestry, irrigation, water supply and sanitation, municipal services; emergency response and civil protection, commerce and industry, and culture and tourism.
Despite the continuing conflict, the report said Ukraine had managed to start recovery and restoration efforts, helped by financial support from donor countries and multilateral organisations.
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