Thank you, President Zelensky, Prime Minister Shmyhal and Minister Marchenko – we are very pleased to have you with us today. It is a pleasure as always to be here with Kristalina Georgieva, Managing Director of the IMF. And the World Bank team that’s been involved with the support effort is here with me.
The Russian invasion of Ukraine has entered its second year and continues to cause immense human and economic suffering and have devastating repercussions for the global economy.
As the President mentioned, the damage assessment that we’ve done shows $411 billion of needs over the next 10 years.
It is important to focus on what Ukraine needs now. We estimate that for 2023, it is facing an additional funding gap of $11 billion for critical economic and capital expenditures.
To date, the World Bank has mobilized nearly $23 billion for Ukraine in emergency financing – of which nearly $20 billion has been disbursed. This includes grants, guarantees, and linked parallel financing from many of you here today: the United States, the United Kingdom, European countries, and Japan. This financing benefits from robust supervision mechanisms to see that the money is spent where it is intended.
Some donor funds are being channeled through the Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund – a facility established to mobilize additional support.
Through the IFC, our private sector arm, we have disbursed about $150 million to the private sector of Ukraine. With support from donor partners throughout Europe and we’ve committed to share risks with IFC, we intend to ramp this up to $2 billion and mobilize an additional $1-2 billion from private partners.
MIGA under Hiroshi Matano, who is here with me today, has issued more than $116 million in guarantees to Ukraine since the war began.
It is critical to support the country’s long-term growth – through projects and interventions in sectors such as energy, infrastructure, transport, agriculture, and human capital.
Our investments will be accompanied by advice on policies and reforms and structuring viable projects, which can mobilize private capital to help Ukraine on its path to a sustainable future.
President Zelensky, our resolve to support you and the brave people of Ukraine remains unwavering.
I now turn to Prime Minister Shmyhal.
