The International Monetary Fund has approved a quick release of $1.4 billion in aid for Ukraine.
Washington:
Russia’s invasion has so far destroyed about $100 billion in roads, bridges and businesses in Ukraine, causing massive damage to the country’s economy, a Kyiv government official said. a Kyiv government official said on Thursday.
“Currently about 50% of our businesses are dormant and those that are still operating are not operating at 100%,” said Oleg Ustenko, chief economic adviser to Ukrainian President Volodymyr Zelensky.
“The situation in terms of economic growth would be really bad, even if the war stopped immediately,” he said in a speech to the Peterson Institute for International Economics.
Ustenko repeated his call for European and other governments to cut off Moscow’s access to “blood money” by boycotting Russian oil and natural gas.
“Europeans are still paying this monster to kill our people, innocent people,” he said.
While European nations rely on Russian energy for heating, “I can assure you it’s a lot colder in the underground Ukraine, where people hide.”
The official praised the US’ halting of Russian oil imports and said he hoped Washington would also help create a “recovery fund” for Ukraine.
Kyiv could also use about $300 billion of Russia’s central bank reserves frozen due to Western sanctions, as well as funds seized from oligarchs who are allies of President Vladimir Putin. .
“We have to rebuild the economy,” he said.
The International Monetary Fund on Wednesday approved $1.4 billion in rapid-disbursement aid for Ukraine, and the World Bank this week announced nearly $500 million of what is expected to be $3 billion funding package.
In addition, the US Congress on Wednesday approved $14 billion in aid to Ukraine.
But Ustenko said, “what we need most is more weapons and ammunition. This is extremely important.”
