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The Ministry of Finance announced the amount needed for the restoration

The Ministry of Finance announced the amount needed for the restoration

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Areas that require priority investment are: the defense industry, energy, reconstruction of destroyed housing, agriculture, natural resources, digital technology and the IT sector.

Ukraine needs another $9.5 billion this year to finance the country’s immediate recovery needs. The money should be directed to the defense industry, energy, restoration of damaged housing, agriculture, conservation and reproduction of natural resources, digital technologies and the IT sector. The Ministry of Finance reported this on Thursday, June 20, following the results of the discussion panel on the restoration of Ukraine, held as part of the Invisso Conference in London.

“By 2024, Ukraine needs US$15.3 billion for rapid recovery. Of this, about US$5.5 billion has already been financed from the state budget and through donor support. So, Ukraine needs a another US$9.5 billion”, the message said.

It is indicated that Ukraine is dependent on investments from allied countries.

“Creating a favorable environment for investment involves improving access to financing for investment projects, providing insurance against military and political risks, as well as introducing mechanisms of state support,” said Ukraine’s Deputy Minister of Finance Olga Zykova.

The Ministry of Finance added that due to the ever-increasing need for rapid recovery, in the context of systemic fear in Russia, Ukraine is facing a new reality that requires an adaptive recovery strategy. This process includes implementing best practices in design, construction, engagement with the private sector, resource accountability and economic recovery on the path to Ukraine’s EU and NATO membership.

In May, Ukraine’s gross domestic product (GDP) grew by 3.7% compared to May 2023. As a result, in the first five months of 2024, economic growth is estimated at 4.3%.

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Source: korrespondent

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