Zelenskyy addresses World Bank session; says Ukraine needs $7 bn a month to rebuild itself

As the war between Russia and Ukraine nears 60 days of fighting, with no signs of a ceasefire and Russian troops continuing to bombard key Ukrainian cities, Ukrainian President Volodymyr Zelenskyy has informed the World Bank forum that Ukraine needs $7 billion (over Rs 53,423 crore) a month to function amid the devastating "economic losses" caused due to the military offensive ordered by Russian President Vladimir Putin on February 24.

Zelenskyy's comments come after US President Joe Biden on Thursday announced that the US would provide $500 million in direct economic assistance to Ukraine.

Zelenskyy urges World Bank to ban Russia

While addressing the leaders of the World Bank and IMF via virtual conference, Zelenskyy stated that Russian forces are aimed at destroying all objects in Ukraine that can serve as an economic base for life. The Russian armies are targeting railroad stations, food warehouses, oil, and refineries, he said.

"As of now given the economic downturn and broken economic ties, we need up to $US7 billion in financial support each month to make up for economic losses," Zelenskyy added.

As per a report by ABC News, the embattled Ukrainian President also asked the leaders of the World Bank to exclude Moscow from the institution "immediately". He said bodies such as the World Bank, the IMF, and others were definitely not the place for a country like Russia.

The president of the World Bank, David Malpass, praised Zelenskyy for showing strength and "powerful leadership" in the war against Russia. In view of the escalating situation in Ukraine, the United States on Thursday announced that the latest military aid that will be provided to Ukraine will include heavy artillery, ammunition, and drones. In the past two months, we have moved weapons and equipment to Ukraine at record speed. In a tweet, Biden's office said that the United States alone has provided 10 anti-armour systems for every Russian tank that is in Ukraine.

Russia-Ukraine War: Germany will provide $40.12 mn to Ukraine for reconstruction

Germany has also announced that it will provide $40.12 million to Ukraine for the reconstruction of the war-hit Ukraine, according to the Augsburger Allgemeine newspaper, which cited ministry sources. The German government has announced that around €22.5 million will be given for the reconstruction work of the power grid in Ukraine, and €14.4 million of that will be used to rebuild residential buildings destroyed by Russian forces.

(Image: AP)