Zelensky Asks for $55 Billion to Cover Budget Deficit and Fund Reconstruction

The US is expected to foot most of the bill for the budget deficit

Ukrainian President Volodymyr Zelensky on Wednesday asked international donors for an additional $55 billion in aid to cover Ukraine’s budget deficit and fund reconstruction projects.

Zelensky spoke virtually to finance ministers at the World Bank and to the IMF’s annual meeting in Washington, according to Reuters. He said about $38 billion was needed to cover next year’s expected budget deficit, and another $17 billion was needed to start rebuilding some infrastructure.

Ukraine’s Prime Minister Denys Shmyhal has previously said that Ukraine expects to have a $38 billion deficit in 2023. He expects the US to hand over $18 billion for the deficit and for the EU and IMF to contribute about $12 billion each.

“The more assistance Ukraine gets now, the sooner we’ll come to an end to the Russian war, and the sooner and more reliably we will guarantee that such a cruel war will not spread into other countries,” Zelensky said on Wednesday.

Kristalina Georgieva, the IMF’s managing director, said the IMF estimates that Ukraine will need about $3 billion to $4 billion in external aid each month next year to keep its economy Running.

US Treasury Secretary Janet Yellen said that the US will soon disburse another $4.5 billion in direct budgetary aid to Ukraine, which will bring the total the US has provided for Ukraine’s budget since the war started to about $13 billion.

Author: Dave DeCamp

Dave DeCamp is the news editor of Antiwar.com, follow him on Twitter @decampdave.