Ukraine presents $750 billion reconstruction plan
4 July, 2022

Ukraine is expected to present a reconstruction plan, the cost of which is estimated at 750 billion dollars on July 4-5 at the Ukraine Recovery Conference in the Swiss city of Lugano. What else is known at this stage?

Recovery plan cost

Prime Minister Denys Shmyhal announced at the conference that the recovery plan for Ukraine is already estimated at 750 billion dollars. He noted that the main source of financing for reconstruction should be the confiscated assets of the Russian Federation and Russian oligarchs, which, according to various estimates, amount to between 300 and 500 billion dollars.

"The second source of recovery is grants and soft loans from international financial organizations and partner countries. The third or fourth sources are investments of the private sector, as well as off-budget contributions of private individuals and corporations," Shmyhal added.

The Prime Minister of Ukraine also said that the country's recovery plan contains 24 volumes of the work of the National Council for the Recovery of Ukraine.

The Ukrainian platform for the restoration of the country

Shmyhal said that the platform for the recovery of the country "United in defense — united in recovery" proposed by the Ukrainian side will consist of three levels. It will also have several offices in partner countries, but the main office will be in Kyiv, writes Interfax-Ukraine.

At the first level will be the leaders of the states who will determine the strategic directions. At the second level, there will be a joint coordination group, which will consist of heads of executive power and "those who will make decisions" from Ukraine, the United States, the European Union, United Kingdom, Poland, and other partner countries.

On the third level, specialist groups will be presented by industry directions. According to the Prime Minister, there are currently 24 of them.

The European Commission also offered its platform

The President of the European Commission, Ursula von der Leyen, announced the creation of an EU platform for the reconstruction of Ukraine, with the help of which the European Commission will have the opportunity to offer its extensive experience and current programs that combine reforms and investments.

President von der Leyen also added that she and German Chancellor Olaf Scholz "in close cooperation with international partners" will organize a high-level international conference after the summer to attract "external expertise" in reconstruction.

"We want to bring together brilliant minds and the world's leading experts in the field of reconstruction," announced the President of the European Commission, Interfax-Ukraine writes.

 The Lugano Declaration

At the conference, the Lugano Declaration will be adopted, which is a framework for the long-term process of restoration of Ukraine. This was announced by the President of Switzerland, Ignazio Cassis, according to Interfax-Ukraine.

"In concrete terms, as a first step, we want to develop a framework for a long-term recovery process in the form of a final document, the Lugano Declaration," he said.