Ukrainian Prime Minister: "Ukraine Reconstruction Cost $600 Billion"

Denys Shmyhal, Prime Minister of Ukraine
Photo by EPA Yonhap News

[Asia Economy Reporter Park Byung-hee] Ukrainian Prime Minister Denys Shmyhal stated that the cost of rebuilding Ukraine will reach $600 billion.

According to Bloomberg on the 21st (local time), Prime Minister Shmyhal made these remarks at the International Monetary Fund (IMF) and World Bank (WB) Spring Meetings ministerial meeting held in Washington, USA.

Prime Minister Shmyhal said that in the short term, Ukraine needs $4 billion to $5 billion in funding each month, and in the long term, a reconstruction strategy similar to the Marshall Plan, which supported Europe after World War II, is necessary. He requested more weapons and ammunition support and asked for stronger sanctions against Russia.

As one of the ways to support Ukraine, Prime Minister Shmyhal requested IMF member countries to donate 10% of their Special Drawing Rights (SDR).

SDR refers to the international currency that the IMF can create, and countries holding SDR can exchange them for other member countries' currencies such as the dollar or euro when facing a balance of payments deficit. Last year, the IMF issued a record $650 billion SDR for the first time since 2009 to respond to the COVID-19 crisis, allocating them according to member countries' contribution shares. Notably, $290 billion of the $650 billion SDR was allocated to the Group of Seven (G7) countries.

Prime Minister Shmyhal said he sent a letter requesting allied countries to donate 10% of their SDR.

He said, "We will fight bravely and wisely to protect our homeland and the freedom of the European continent," adding, "We need help to win the war."

David Malpass, President of the World Bank, said that the physical damage to Ukraine's infrastructure and buildings caused by Russia's invasion amounts to about $60 billion, and this amount will increase as the war continues.

This content was produced with the assistance of AI translation services.