Ukraine needs $750 billion to rebuild, says PM

File Photo

Ukraine needs $750 billion for a three-stage recovery plan in the wake of Russia's invasion, its prime minister said on Monday.

Denys Shmygal also told the Ukraine Recovery Conference, hosted by Switzerland, that there had been over $100 billion of direct damage to Ukrainian infrastructure from Russia's invasion.

"Today, the direct infrastructure losses of Ukraine stand at over $100 billion," he said. "Who will pay for the renewal plan, which is already being valued at $750 billion?"

Shmygal added that the Ukrainian government believed that a key source of funding for the recovery plan should be assets confiscated from Russian oligarchs.

He said Ukraine's recovery plan had three phases: A first focused on fixing things that matter for people's daily lives like water supply which is ongoing, a "fast recovery" component that will be launched as soon as fighting ends including temporary housing, hospital and school projects, and one that aims to transform the country over the longer term.

More from International

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Flying Taxis

    It sounds like an episode of The Jetsons, but the sight of flying taxis whizzing around our cities could be much closer than you think.

  • Tough penalties for deliberate tax evasion

    The UAE has said that tougher penalties will come into force from 1st August for not keeping proper corporate tax records.