Shmyhal calls on world to deal more tangible blow to Russian economy

He said this during an online speech during a roundtable discussion on Wednesday as part of the autumn meetings of the IMF and the World Bank Group, according to an Ukrinform correspondent.

"Sanction pressure on Russia should be intensified. I want to welcome the EU's eighth sanctions package - it should deal a significant blow to the economy of our enemy, but it is not enough, because Russia is paying a low price for its crimes," Shmyhal said.

He said that according to World Bank projections, the Russian economy will shrink by 4.5% this year, while the Ukrainian economy will contract by 35%.

Therefore, according to Shmyhal, Ukraine will continue to need powerful financial assistance from partner countries and international financial institutions.

Shmyhal said that Ukraine would need more than $55 billion for 2023. This will cover the monthly state budget deficit of $3.5 billion and provide for the financing of the project of rapid reconstruction of damaged infrastructure in Ukraine. "Of course, we are doing everything to increase the stability of our own economy, collect more taxes and be more self-sufficient in terms of financing all expenses," he said.

In this context, he noted that the government had submitted the state budget for 2023 to the Verkhovna Rada, where expenditures have been further optimized and the fiscal gap has been reduced by about 30%.

"Our joint task is to bring economic and financial cooperation between Ukraine and our partners to a fundamentally new level," Shmyhal said.

He also called on the heads of financial departments of other countries to promote the idea of using blocked Russian assets to restore the Ukrainian infrastructure destroyed by Russian troops.

"The return of these funds to the aggressor will mean that in today's world there is no punishment for destruction, murder and terror. Therefore, we also hope for your support in this matter", Shmyhal said.