About $9.5 billion of outside funding is needed for Ukraine’s top-priority recovery goals in 2024, Ukraine’s Deputy Finance Minister Olga Zykova told a round table in Paris dedicated to restoring what’s been damaged by Russia’s invasion.
Kyiv’s highest priority industries are defense, energy, construction, agriculture, natural resources, digital technologies and the IT sector, the Finance Ministry wrote on its site March 6.
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“From February 2022, the government of Ukraine is working hard to maintain macroeconomic stability in conditions of extreme uncertainty and challenges,” Zykova said two days before at a meeting focused on sharing the burden of Ukraine’s recovery between public and private sectors.
She said: “…the support of international partners is extremely important, since we direct all internal resources to confront the aggressor. Ensuring the priorities of the state budget, as well as the restoration of the country, are decisive for economic development, as well as the return of Ukrainians to their homes.”
While $9.5 billion is needed for Kyiv’s top priorities, Overall, Ukraine needs about $38 billion of external financing to cover its 2024 shortfall, Zykova said.
Kyiv is determined to make investing in recovery attractive for private investors.
“The involvement of the private sector in the recovery process is an integral part of the sustainable growth of Ukraine. We are working with our partners to achieve this through a number of mechanisms, including introducing war risk insurance, improving conditions for investment projects, introducing public-private partnerships, and developing industrial parks,” Zykova said.
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Doing reconstruction now, rather than waiting for the war to end, is important, Zykova said, because Ukraine needs to create safe living conditions for people and get its economy on a secure footing.
According to the report “Third Rapid Assessment of the Damage and Recovery Needs of Ukraine” (RDNA3) developed jointly by Kyiv, the World Bank, the European Commission and the United Nations – in 2024 Ukraine needs about $15 billion for rapid recovery.
Of that, about $5.5 billion has already been financed from the state budget and donors. So Ukraine still needs another $9.5 billion, the Finance Ministry says.
As part of Ukraine’s recovery efforts in 2023, about $1 billion went toward fixing housing to make safe living conditions, fixing key roads and highways, repairing damaged schools and building bomb shelters for schools.
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