World Bank: Damages total at least $60 billion in Ukraine
Russia's bombardment has caused at least $60 billion in damage to Ukraine's infrastructure, World Bank president David Malpass said Thursday.
Driving the news: That "does not include the growing economic costs to Ukraine’s economy," as Russia's unprovoked invasion nears the two-month mark, Malpass said during a World Bank conference on Ukraine. With no end in sight, "those costs are rising," he added.
- Ukraine needs approximately $7 billion per month to make up for the destruction, Ukrainian President Volodymyr Zelensky said at the conference.
- "And we will need hundreds of billions of dollars to rebuild all of this later," Zelensky added.
What he's saying: "Let me repeat, on behalf of the World Bank Group, we have been deeply horrified and shocked by Russia’s invasion of Ukraine, the atrocities committed against the civilian population, and the loss of life and livelihoods for millions of Ukrainians," Malpass said.
- "The war has been devastating for Ukraine’s people and its economy and it must end now. Rebuilding will take hard work, determination, and struggle, but I remain optimistic. With our collective support, Ukraine can achieve a brighter future."
What we're watching: World Bank has "mobilized more than $3 billion for Ukraine to support the continuation of essential government services," Malpass said.
- "The priority should be to fill Ukraine’s current financing needs in a way that minimizes its future debt burden ... It will be important for all partners to continue coordinating their support for Ukraine’s budget needs."