Ukraine is pushing for a large contribution from Germany to finance the state in times of war. “We think Germany could earn about $500 million a month, especially as we look ahead to 2023,” said President Volodymyr Zelenskyi’s economic adviser Alexander Rodnyansky. And added: “From the EU as a whole, we hope for about two billion dollars (2.03 billion euros) per month.”
“Before the latest attacks, damage to infrastructure destruction was estimated at about $120 billion,” Rodnyansky said. According to World Bank calculations, the damage to the economy – business closures, unemployment – is in the range of $200 to $250 billion. “Gross domestic product is projected to collapse by about 35 percent this year.”
Steinmeier promises support from Germany in Kiev
German Federal President Frank-Walter Steinmeier has already promised that Germany will remain in solidarity with Ukraine. Upon his arrival in Kiev on Tuesday morning, he said: “My message to the Ukrainians is: we are not alone on your side. Instead, we will continue to support Ukraine – economically, politically and militarily.” Steinmeier arrived in Ukraine by train on Tuesday for a surprise visit.
His message to the Germans at home was: “Let’s not forget what this war means to the people here in Ukraine, how much suffering, how much destruction there is. The people of Ukraine need us.”
World Bank pays out further tranche
Meanwhile, the World Bank is supporting Ukraine with an additional $500 million disbursement. “The Russian invasion continues to lead to massive destruction of Ukraine’s infrastructure – including water, sewage and electricity networks – just as winter approaches, and poses a further threat to the Ukrainian population,” said World Bank President David Malpass.
“The new portion of the money disbursed today will be used to maintain essential government services. We are fully committed to helping the Ukrainian people cope with this unprecedented crisis.” The World Bank has mobilized a total of $13 billion in emergency aid to Ukraine, of which $11.4 billion has already been disbursed.
Rodnyansky hopes for emergency aid for Ukraine in the form of diesel generators, emergency power generators or mobile power plants from the West. The international reconstruction conference to be held in Berlin on Tuesday will address the “medium to long-term challenges” after the war.
Reconstruction Conference
At Monday’s German-Ukrainian conference on reconstruction, Ukrainian Prime Minister Denys Schmyhal estimated the financial needs for reconstruction at $750 billion. German Chancellor Olaf Scholz warned that the country must join the EU in the future.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
