Shmyhal calls on the world to deliver a more tangible blow to the Russian economy

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Ukrainian Prime Minister Denys Shmyhal called on the international community to significantly step up pressure on the aggressor country’s economy and increase targeted support for Ukraine’s economy, which contracted significantly during the war.

He said so during an online speech at a roundtable on Wednesday as part of the autumn meetings of the IMF and the World Bank Group, according to an Ukrinform correspondent.

“Sanctions pressure on Russia should be stepped up. I want to welcome the EU’s eighth sanctions package – it should deal a heavy blow to our enemy’s economy, but it’s not enough, because the Russia is paying a low price for its crimes,” Shmyhal said.

He said that according to World Bank projections, the Russian economy would contract by 4.5% this year, while the Ukrainian economy would contract by 35%.

Therefore, according to Shmyhal, Ukraine will continue to need powerful financial assistance from partner countries and international financial institutions.

Shmyhal said that Ukraine would need more than $55 billion for 2023. This will cover the state’s monthly budget deficit of $3.5 billion and ensure funding for the rapid reconstruction project for damaged infrastructure in Ukraine. . “Of course, we are doing everything to increase the stability of our own economy, to collect more taxes and to be more autonomous in terms of financing all expenses,” he said.

In this context, he noted that the government submitted the state budget for 2023 to the Verkhovna Rada, where spending was further optimized and the budget gap was reduced by about 30%.

“Our common task is to bring economic and financial cooperation between Ukraine and our partners to a fundamentally new level,” Shmyhal said.

He also called on the heads of financial departments of other countries to promote the idea of ​​using frozen Russian assets to restore Ukrainian infrastructure destroyed by Russian troops.

“The return of these funds to the aggressor will mean that in today’s world there is no punishment for destruction, murder and terror. Therefore, we also hope for your support in this matter “Shmyhal said.

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