During the World Bank round table ministerial discussion dedicated to Ukraine, Minister Gintarė Skaistė noted that the newly created facility will allow mobilising additional funds for Ukraine’s reconstruction projects in the near future, as well as allocating resources to Moldova facing the negative consequences of the war.
“The international community continues to resolutely mobilise financial support for struggling Ukraine. The new facility created by the World Bank is an important tool for mobilising donor support for the first larger scale reconstruction projects in Ukraine, as well as for supporting the resilience and development of the war-affected Moldova. Lithuania, in line with its continuous support to Ukraine, will provide EUR 10 million through this facility, which via the World Bank will be multiplied up to EUR 30 million of support for reconstruction of critical infrastructure”, stated the Minister of Finance.
During the spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington, Minister G. Skaistė also had a meeting with Minister of Finance of Ukraine Serhiy Marchenko and discussed both the country’s economic situation and the country’s need for financial support from the international community this year and next year.
“Ukraine is still facing the catastrophic consequences of the war erupted by russia, and at the same time not only struggles for its freedom day by day, but also demonstrates resilience and ability to maintain a functioning economy. In this context, both the European Union and the Western partners unite by mobilising the necessary resources to cover the country’s financial needs and to start the reconstruction process. We cannot leave Ukraine alone, therefore Lithuania will continue to support the country both through EU and international formats and on a bilateral basis. We will also continue to mobilise the Western partners’ support for the use of russia’s frozen assets for Ukraine’s needs and the development of sanctions against russia and Belarus “, said Minister G. Skaistė.
To date, Lithuania has provided over EUR 900 million of humanitarian, financial and military support, which accounts for 1.3 % of the gross domestic product (GDP).
The total cost of reconstruction and recovery of Ukraine is constantly increasing and is currently estimated by the World Bank to reach more than USD 411 billion, of which Ukraine segregated EUR 14 billion for initial critical infrastructure reconstruction needs in 2023.
