Ukraine PM Denys Shmyhal says cost of rebuilding the nation 'could reach $750 bn'

In view of the devastation caused by the Russian forces in Ukraine, the war-battered nation needs more than $700 billion for its recovery, said Ukrainian Prime Minister Denys Shmyal at the Ukraine Recovery Conference hosted by Switzerland on Monday. The meeting was also addressed by embattled President Volodymyr Zelenskyy, who said the reconstruction of Ukraine is the "common task of the entire democratic world," and all countries must come together to help Ukraine in its reconstruction works.

At the conference, Ukrainian Prime Minister Denys Shmyhal announced that his country needs $750 billion for a three-stage recovery plan. He further stated that more than $100 billion of direct damage to infrastructure has been caused due to Russian aggression. Meanwhile, other requests for Ukraine's reconstruction were also maintained by the Ukrainian leadership.

Shmyal accused Russian President Vladimir Putin of all the destructions in Ukraine. "The Russian authorities unleashed this bloody war. They caused this massive destruction, and they should be held accountable for it," he said. While explaining the recovery plan, Shmyal insisted that the key source of funding for the recovery of Ukraine should come from the confiscated assets of Russia and Russian oligarchs. He cited unspecified estimates that such sums total $300 billion to $500 billion now.

Entire democratic world must help in the recovery of Ukraine: Zelenskyy 

While addressing hundreds of attendees in Lugano, Zelenskyy said, the reconstruction of Ukraine is not a local project but a task of the entire world. "Restoring Ukraine means restoring the principles of life, restoring the space of life, restoring everything that makes humans," he added. Zelensky also underscored that this ambition will massive funding and security "in all of our countries which will be forced to continue living beside Russia."

Russia-Ukraine War | Switzerland hosts Ukraine recovery conference

In the wake of the nationwide destruction caused by the Russian troops in Ukraine, the Swiss government on July 4 hosted a conference to find out a way forward for the world to help the war-battered nation recover and rebuild when Russia's war ends one day. Ignazio Cassis who is the President of the Swiss Confederation hosted embattled President Volodymyr Zelenskyy, and European Commission President Ursula von der Leyen and British Foreign Secretary Liz Truss also attended the conference among others.

Image: Twitter/@DenyShmyhal