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- World Bank Group Headquarters in Washington, DC, and globally via livestream – October 12, 2022.
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By President David Malpass
After eight months of war, the Ukrainian people and their leaders remain determined and resilient. I remain horrified by Russia’s actions, the loss of lives and livelihoods, and the economic turmoil the war has unleashed. The World Bank Group and our partners stand with the people of Ukraine and the region as they deal with increased deadly attacks across the country.
Ukraine’s needs for recovery and reconstruction are massive and growing.
Last month, the World Bank, the European Union, and the Government of Ukraine released a Rapid Damage and Needs Assessment that estimated Ukraine’s recovery and reconstruction needs at $349 billion. That amount is one-and-a-half times Ukraine’s pre-invasion GDP.
Ukraine’s basic non-military budget financing needs dominated by essential social services are substantial and need continued external financing support. Even more is needed to repair roads, bridges, homes, schools, energy infrastructure, and clinics. And, in particular, as winter sets in, urgent support is needed for energy supplies and preparations for homes.
Since the war began, the World Bank Group has mobilized $13 billion in emergency financing, including grants, guarantees, and linked parallel financing from the US, the UK, European countries, and Japan. Around $11 billion has already been disbursed.
To mobilize additional support, the World Bank has established a multi-donor fund to help the government sustain its capacity to deliver services, conduct relief efforts, and plan and implement the country’s recovery and reconstruction.
We are honoured to have managing director Georgieva, His Excellency, president Zelensky, prime minister Shmyhal, and secretary Yellen speak with us today.
