Ukraine Needs $9.5 Billion for Immediate War Recovery Efforts, Finance Ministry Reports

Ukraine requires $9.5 billion for rapid recovery efforts this year, particularly in the defense industry, energy, housing, agriculture, natural resources, and the IT sector, according to a statement by the Finance Ministry on June 20.

The financial burden of Russia’s full-scale invasion continues to escalate as Russian forces frequently target Ukrainian cities and infrastructure with missiles and drones.

A report developed by the Ukrainian government and international partners indicates that Ukraine will need $15.3 billion for recovery in 2024. However, thanks to state budget allocations and donor contributions, the immediate funding requirement has been reduced to $9.5 billion.

The World Bank estimated in February that the cost of Ukraine’s post-war recovery would reach $486 billion over a 10-year period. Kyiv has been diligently seeking new income sources, both domestically and internationally, to meet these needs.

Ukraine has started receiving initial tranches of the 50-billion-euro ($54 billion) four-year Ukraine Facility program from the EU, and the Group of Seven (G7) has pledged a $50 billion loan by the end of this year, funded by the revenue from frozen Russian assets.

In addition to these funds, contributions from other donors, including individual countries and international organizations like the International Monetary Fund (IMF), are also being utilized to support Ukraine’s recovery efforts.