According to the World Bank, the restoration of Ukraine will have to spend more than $400 billion. This is much more than the previous forecast. According to the agency, the most relevant will be the reconstruction of transport, housing and communal services and energy.
The World Bank forecasts that Ukraine’s recovery will require $411 billion, including $14 billion later this year to finance critical and priority investments.
Restoration of Ukraine. Ratings are rising
The amount indicated by the World Bank is more than twice the GDP of Ukraine received in 2021, that is, in the last year before the start of the war. According to an earlier forecast from the institution last October, Ukraine would need $350 billion to rebuild.
The World Bank’s data on the cost of Ukraine’s reconstruction was commented on by Prime Minister Denys Shmygal. – We thank the World Bank for its analysis, which will greatly help us and our partners in the preparation of future reconstruction projects – - stressed the Prime Minister of Ukraine.
Shmygal himself estimated last July at an international conference in Lugano that Ukraine needed $750 billion to implement its plan to rebuild after the Russian invasion. Then the head of the Ukrainian government pointed out that the confiscated assets of Russia and Russian oligarchs should become a key source of reconstruction.
According to the World Bank, the most urgent will be the restoration of transport, housing and communal services and energy, where about 50% of the total is recorded. all the devastation in Ukraine.
Agreement with the IMF
As we already wrote, the International Monetary Fund (IMF) announced that it had reached a working agreement with representatives of the Ukrainian authorities on a four-year Extended Financing Program (EFF). It provides funding for Ukraine in the amount of 15.6 billion US dollars.
The FFF is designed to help raise funds from Ukraine’s international partners, support macro-financial stability, and pave the way for recovery from Ukraine’s victory in the war with Russia.
This is the first agreement the IMF will sign with a country at war. The program must now be approved by the Fund’s board of directors, which is expected to happen in the coming weeks.
Source: Wprost
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