Karlis Smits is the World Bank lead economist and program leader for economic policy for Eastern Europe (Belarus, Moldova, and Ukraine). In an exclusive interview for Kyiv Post, he explained the World Bank’s ongoing support to Ukraine since Russia began its full-scale invasion.
“With the help of donors, we have mobilized $13 billion. Of that, $11 billion has already been delivered to the Ukrainian government. It’s very important to mobilize money and ensure that it gets to Ukraine’s Treasury Account on time so the government can fund its needs,” said Smits.
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He emphasized that the World Bank’s primary focus through monetary assistance is helping to ensure government and public services continue to function, including the public sector, education, and health.
According to Smits, the sheer cost of financing reconstruction recovery from the government sector and official donors will only go so far – requiring critical additional support from foreign direct investment (FDI). He added that Ukraine’s accession to the European Union would potentially provide a path for FDI to enter the country.
According to the Ministry of Finance, Ukraine’s financing needs for 2023 equate to $3.5 bn per month. On Oct. 11, Minister of Finance, Serhiy Marchenko held a series of meetings with the International Monetary Fund (IMF) and World Bank Group representatives to discuss further cooperation as part of a working visit to the U.S.
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