Ukraine faces USD411B bill for post-war reconstruction

(MENAFN) The World Bank, in conjunction with the Ukrainian government, the European Commission, and the United Nations, has released a report estimating the cost of Ukraine's recovery and reconstruction following Russia's war to be at least USD411 billion over the next decade. This figure represents an increase from the previous projection of USD349 billion. The report highlights that the direct damage to buildings and infrastructure caused by the conflict has already totaled USD135 billion. Over 2 million homes have been damaged, as well as more than 20 percent of public health institutions. Tragically, at least 9,655 civilians, including 461 children, have been confirmed dead as a result of the conflict.

The report also notes that Russia's war has had a significant impact on Ukraine's economy, reversing 15 years of economic progress and reducing its gross domestic product by 29 percent. This has resulted in 1.7 million people being pushed into poverty. The conflict has had far-reaching consequences, not only in terms of human suffering but also in terms of economic and social damage. The World Bank's latest estimate underscores the urgent need for a sustained effort to rebuild and reconstruct Ukraine, in order to address the devastating impact of the war and to create a more stable and prosperous future for its people.

MENAFN23032023000045014146ID1105846034