Funding gap for rapid recovery of Ukraine in 2023 is $11 bln – World Bank chief

Ukraine has huge recovery and reconstruction needs: the World Bank estimates that there is an $11 billion funding gap for such critical spending in 2023, World Bank President David Malpass said when opening the traditional Spring Meetings of the World Bank and the IMF.

"On Wednesday [April 12], I will chair the third Ukraine Ministerial Roundtable. Ukraine has immense recovery and reconstruction needs, and we estimate that there is an additional $11 billion funding gap in 2023 for critical expenditures," he said.

The senseless war in Ukraine can only end with a decision to stop the war of the country that invaded Ukraine, IMF Managing Director Kristalina Georgieva said.

She stressed the importance of discussing the problem of the war in Ukraine, as it diverted the attention of the whole world from many other pressing problems.

This war is not only killing people, but it is also causing food prices to rise … This creates even more geopolitical tensions, reducing the ability of the world to work as a whole. So I want to admit that there is a problem that these meetings cannot resolve, but if it is resolved, it would be extremely helpful with the agenda that we are discussing, Georgieva said.

Malpass stated that the terrible development of events in Ukraine is taking longer and longer than people had hoped. According to him, the World Bank participated in providing assistance in the direction of international resources to the civil sector of Ukraine, and is also currently looking at the restoration of the Ukrainian economy.

As reported, Prime Minister Denys Shmyhal will also take part in the roundtable on April 12. President of Ukraine Volodymyr Zelenskyy, as well as Secretary of the U.S. Treasury Janet Yellen are expected to speak.

Source: www.en.interfax.com.ua