Ukraine Needs IDR 7.591 Quadrillion To Rebuild The Country After War

The impact of the Russian attack on Ukraine. (Twitter/@ZelenskyyUa)

The rebuilding of Ukraine's economy after the Russian invasion nearly two years ago is expected to cost US$486 billion (Rp7,591,101,300,000.001), about 2.8 times the expected economic output by 2023, according to the findings of a new study conducted by the World Bank, the United Nations, European Commission, and the Ukrainian Government.

The estimates issued on Thursday cover periods from the Russian invasion of February 24, 2022, to December 31, 2023, calculating direct physical damage to buildings and other infrastructure, its impact on people's lives and livelihoods, as well as costs to "rebuild", the World Bank said.

The estimated 10-year fee rose from USD 411 billion in March, with housing needs at the top of 80 billion US dollars billion or 17 percent, followed by transportation needs of USD 74 billion or 15 percent, as well as trade and industry of USD 67.5 billion or around 14 percent.

"The USD 486 billion fund represents a huge amount, and of course, it reflects real needs," said Arup Banerji, regional director of the World Bank for Eastern Europe, noting the high level of damage seen in the first months of the crisis. February 15th.

The report says direct losses from the war have reached nearly US$152 billion, with losses concentrated in areas such as Donetsk, Kharkiv, Luhansk, Zaporizhia, Kherson and Kyiv. Disruption with the economy and trade, as well as other war-related costs, such as cleaning up debris, are likely to add $499 billion, he said.

This new estimate does not take into account the reconstruction needs that have been met through the Ukrainian state budget or through partners and international support.

The losses mapped were surprising, with about 2 million housing units, about 10 percent of Ukraine's total housing supplies, damaged or destroyed, as well as highways, highways and other national roads along 8,400 km (5,220 miles), and nearly 300 bridges.

The report says Ukraine needs about USD 15 billion to finance the most pressing fixture, recovery and reconstruction priorities by 2024, and about USD 5.5 billion has been met through the state budget and donor support.

"Because it is clear that the war will last longer than we imagined or feared, the Ukrainian people themselves say we need to reform so that our economy grows, to attract investment in the private sector, to increase our tax revenue," he said.

"Ukraine is starting to take more ownership of its own future," he said.