Russia-Ukraine war news: Live updates
Ukraine needs $750 billion to see through a sweeping three-stage rebuilding and recovery plan, the country’s prime minister said Monday at the Ukraine Recovery Conference in Lugano, Switzerland.
“Today, we’re all united in our defense. Tomorrow in our reconstruction,” said Prime Minister Denys Shmyhal. The value of direct infrastructure losses in the country is now over $100 billion, he said, asking, “Who will pay for the renewal plan, which is already being valued at $750 billion?”
Bloomberg reported that the plan is about 2,000 pages, mapping out infrastructure and security projects, climate investments and energy diversification, among other proposals. The European Commission is looking into financing options that include loans and grants, the outlet reported.
Shmyhal said his government believes seized assets from Moscow and Russian oligarchs should provide a main source of funding for recovery, Reuters reported.
Recovery, he said, would take place in three stages: Urgent needs such as water supply, a quick postwar recovery including temporary housing, and long-term reconstruction that would transform the country.
Ukrainian President Volodymyr Zelensky called the nation’s reconstruction the “greatest contribution to the maintenance of global peace.” Rebuilding Ukraine, he said, is “not a local project, is not a project of one nation, but a common task of the entire democratic world.”