Ukrainian President Volodymyr Zelenskiy has appealed to international donors to increase their support, saying more money is needed to rebuild schools and homes destroyed by Russian bombardment.
Zelenskiy, speaking virtually on October 12 to finance ministers at meetings of the World Bank and International Monetary Fund (IMF) in Washington, said Ukraine needed about $55 billion -- $38 billion to cover next year's estimated budget deficit and another $17 billion to start to rebuild critical infrastructure.
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"The more assistance Ukraine gets now, the sooner we'll come to an end to the Russian war, and the sooner and more reliably we will guarantee that such a cruel war will not spread into other countries," Zelenskiy said.
IMF Managing Director Kristalina Georgieva and U.S. Treasury Secretary Janet Yellen responded by underscoring the global community’s determination to continue to support Ukraine.
Georgieva said the IMF estimated Ukraine would need $3 billion to $4 billion in external financing per month next year and possibly more to keep its economy running as the Russian invasion drags on.
She said Ukraine's international partners have committed $35 billion in grant and loan financing for Ukraine in 2022, enough to close its financing gap for this year, but its financing needs would remain "very large" in 2023.
"As Russia's shameful actions continue, we must continue our joint efforts and begin planning for Ukraine's needs in 2023," Yellen said as she thanked Zelenskiy and Prime Minister Shmyhal, who also addressed the meeting.
Yellen added the United States would begin to disburse another $4.5 billion in grant assistance to Ukraine in coming weeks and called on other countries to improve the size and regularity of their disbursements.
The finance chiefs also discussed a proposed price cap on Russian oil exports, with Yellen saying a cap in the $60-a-barrel range would likely be sufficient to reduce Moscow's energy revenues while allowing profitable production.
Yellen said Russia has been willing to produce and sell oil in the $60 range over the past five to seven years.
Zelenskiy also told the finance ministers Ukraine wants a regular forum on financial assistance, and Georgieva said the IMF planned to work with Ukrainian authorities to set it up.
Zelenskiy said the forum "would provide financial assistance to Ukraine and work in a timely manner at different levels" and would be modeled on the Ukraine Defense Contact Group through which arms deliveries for the Ukrainian armed forces are coordinated.
The Group of Seven (G7) leading democratic economic powers on October 12 also said they intend to provide further financial assistance to Ukraine in the coming year.
Ukraine's most urgent financing needs are covered by international support, the finance ministers said. But the country faces a significant financing gap in 2023 to secure basic services and address critical infrastructure deficiencies.