Mr. Shmyhal told a summit on supporting Ukraine held within the framework of the International Monetary Fund and World Bank meetings in Marrakech, Morocco, that Ukraine's state budget deficit will be around 20% of the country's GDP this year and 21% in 2024.
Ukrainian Prime Minister Denys Shmyhal. Photo: Reuters
“We expect support from all our partners… This will allow the government to meet its basic social obligations in paying pensions, salaries to doctors and teachers, and helping people whose homes were destroyed in the conflict with Russia,” Mr Shmyhal said.
The World Bank is helping assess recovery needs, he said, adding that $14 billion alone is needed for a rapid recovery response program.
Prime Minister Shmyhal said the key to the country’s resilience was economic reform programs, including those aimed at fighting corruption and promoting digitalization. He said Ukraine was preparing a single “roadmap” of reforms until 2027 based on international recommendations and its own proposals.
Reforms that provide a policy roadmap can attract more private investment, especially in digital infrastructure, said World Bank President Ajay Banga.
“If the right conditions are created, we estimate that about a third of Ukraine’s future needs could be met with private sector financing,” Banga said.
US Treasury Secretary Janet Yellen at the roundtable also called on President Volodymyr Zelenskyy to continue focusing on fighting corruption and pledged US support for Ukraine, “for as long as necessary”.
Mai Van (according to CNA)
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