Conflict-torn Ukraine seeks funds for reconstruction

conflict-torn Ukraine

Conflict-torn Ukraine seeks billions in reconstruction as war gets worse every day.

Urgent concerns for Ukraine’s reconstruction have been sparked by images of the destruction caused by Russia’s invasion. Millions of dollars are sought by Kyiv for the rebuilding.

By the end of the year, Ukraine would require $38 billion to finance its budget deficit alone after its GDP contracts by 30% in 2022.

Kyiv said it will also require $17 billion this year for de-mining, urgent energy repairs, and the reconstruction of some of its most important infrastructure.

Kyiv has not yet identified sources of cash to pay additional expenditures, even though the EU is anticipated to contribute the majority of the $18 billion budget deficit and Washington another $10 billion.

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Before departing for the largest global security conference in Germany, a prominent Democratic senator told AFP that the US is still steadfast in its support for the conflict-torn Ukraine.

“The eccentrics get press attention, but I think the strong solid central weight of even House Republicans is behind continuing to support Ukraine, so long as there are not corruption concerns,” said Senator Sheldon Whitehouse, chairman of the powerful Budget Committee.