Fighting Ukraine’s Financial Fire
Global Voices
By Anders Åslund, Senior Fellow, Stockholm Free World Forum: To continue its military gains, Ukraine needs much greater financial support, in addition to a steady supply of arms.
Russia’s war has inflicted enormous damage, with the Ukrainian government and the Kyiv School of Economics putting the current tally of recorded material losses at $120 billion. The country’s GDP is set to fall by 35-40% this year, and its government revenues by even more. Earlier this year, the International Monetary Fund determined that the Ukrainian government would need $5 billion per month – $60 billion this year – in external support to finance government salaries, pensions, health care, schools, and some social benefits. These are basic expenditures to keep the government functioning. Unfortunately, only half of the necessary funds have been made available.
Fighting Ukraine’s Financial Fire
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