Zelensky proposes creating format of economic support for Ukraine

Ukrainian President Volodymyr Zelensky has invited the international community to create a format of economic support for Ukraine, which is suffering from Russian aggression, similar to the Ramstein format of defense support for the country.

He stated this in a speech at a ministerial roundtable discussion organized as part of the autumn meetings of the IMF and the World Bank Group, according to an Ukrinform correspondent.

"I believe that it would be useful to create a coordination format for financial support of Ukraine similar to the one created in Ramstein for defense support. Mrs. Kristalina Georgieva and I discussed the importance of donor coordination. We should create a permanent working group that would deal with the financial support of Ukraine and work efficiently at different levels - at the level of international donors and at the level of countries participating in aid," Zelensky said.

He also emphasized the need to deepen economic cooperation with international financial institutions to resolve two urgent needs for Ukraine.

"This is $38 billion to cover the state budget deficit next year. These are the salaries of teachers, doctors, social benefits, and pensions. This is a guarantee of life for the Ukrainian people. Another $17 billion, verified by the World Bank, is needed for the reconstruction of critical infrastructure within the RDNA [Rapid Damage and Needs Assessment]. These are schools, hospitals, critical transport and energy infrastructure, as well as damaged housing. In fact, everything that has become a primary target for Russia," Zelensky said.

In his speech, Zelensky said that this year Ukraine also needs up to $5 billion for the upcoming heating season, in particular, for the purchase of natural gas and coal. At the same time, he emphasized the need for cooperation with the IMF, namely the implementation of a $20 billion support program to reduce the budget deficit.

Zelensky also called on partners, including the World Bank, to participate in the development of mechanisms to stimulate investments in the Ukrainian economy.