Critical for Ukraine to begin reconstruction this year, says PM

Ukrainian prime minister Denys Shmyhal on Thursday welcomed the “continuous, ironclad and unprecedented support” of the United States as his country fights Russia’s invasion, and underscored Ukraine’s commitment to battling corruption.

Mr Shmyhal, speaking alongside US Treasury secretary Janet Yellen on a trip to Washington, said it was critically important for Ukraine to begin reconstruction this year, and said Kyiv had identified a priority funding gap of $14 billion (€12 billion) needed this year.

Ms Yellen, who paid a surprise visit to Kyiv in February, told Mr Shmyhal she had seen “first hand the bravery and resilience of the Ukrainian military and people”, recounting a visit to a school damaged by Russian attacks where community members were making trench candles to send to the front lines.

She said the US had stood with Ukraine since the first day of the war, and would continue to back it “for as long as it takes”.

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The US had disbursed significant economic support since the start of the war and would provide more in coming months, on top of security and humanitarian aid, she said.

“As president Zelenskiy said, this support is not charity – it’s an investment in democracy and global security,” she said, noting that it included safeguards to ensure that the funds were used for the intended purpose.

Yellen lauded Ukraine’s commitment to meeting reform benchmarks in a new $15.6 billion lending programme approved by the International Monetary Fund, which she said marked a significant step toward achieving a sound economic path.

Mr Shmyhal said Ukraine had implemented exceptional control measures to account for every dollar in assistance received, and said the country had undertaken more anti-corruption reforms in the past year than during many previous years combined.

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He also said Ukraine appreciated tough US sanctions imposed against Russia that covered more than 120 companies and entities, including those who facilitated sanctions evasion, and those associated with Russian energy company Rosatom.

The World Bank, United Nations, European Commission and Ukraine recently estimated it would cost $411 billion to rebuild Ukraine, a big jump from the earlier estimate of $349 billion.

Ms Yellen on Tuesday said support from the US and the European Union would take Ukraine through the end of the year, but if the war continued, Washington would have to work with partners to provide additional support as needed. – Reuters