Ukraine estimates financial assistance from the West

Updated: Jul 13

The nation has received about $6 billion so far, according to its central bank, but further assistance is needed.

According to Kateryna Rozhkova, the first deputy head of the National Bank of Ukraine, since the beginning of Russia's military action in late February, Ukraine has received $6.5 billion in aid from Western nations.

According to Rozhkova on Sunday, "Since the start of the war, Ukraine has received over $6.5 billion from partner nations to boost the economy," adding that all monies have been allocated to the national budget.

She clarified that the figure includes both loans and grants, although she did not state how much Kyiv would be required to repay. Without going into further detail, the official said that the interest rate on loans to Ukraine is "modest."

The recent lowering of the nation's credit rating to pre-default is also a concern since money cannot be obtained on foreign markets due to the high cost of such loans, according to Rozhkova, who also stated that Kyiv cannot fix its budget deficit on its own due to dwindling export profits.

The official claims that Ukraine requires at least $5 billion in monthly aid to meet the state budget deficit in light of the current crisis. She reaffirmed President Volodymyr Zelensky's earlier requests for Kyiv's Western allies to give this assistance.

Zelensky told the World Bank and the IMF last month that his nation has already sustained damage totaling more than $500 billion and that it requires about $7 billion in aid each month to survive. According to Kyiv authorities, the GDP of the nation, which was projected to be over $165 billion last year, has already decreased by between 30 and 50 percent as a result of Russia's military action.

#businessnews #businessworld #financialnewstoday #finaceinthenews

Read more Business, Entertainment, Social, Politics , Real Estate , Finance , Sports

0 views0 comments