Zelenskyy aide: Ukraine needs funds, expand Russia sanctions
A top Ukrainian government economist says the country's efforts to defend itself from Russia are placing a severe financial burden on the country that it can only bear with the help of outside support cost
BERLIN (AP) — In addition to the human cost of the war, Ukraine’s efforts to defend itself from Russia are placing a severe financial burden on the country that it can only bear with the help of outside support cost, a top Ukrainian government economist said Thursday.
The speed of victory, however, will depend in large part on the pressure that Ukraine's allies place on Russia, said Oleg Ustenko, chief economic advisor to Ukrainian President Volodymyr Zelenskyy.
Ukraine is currently running a monthly fiscal deficit of 5 billion euros (dollars), compared with a shortfall of 7 billion euros the country had projected for the whole of 2022 before the war started.
Prewar forecasts of 3-4% economic growth in 2022 have also been dashed, and gross domestic product is expected to shrink by 30-40% this year as factories lie in ruins and vast tracts of Ukraine's fertile land are inaccessible or too dangerous to farm, Ustenko said.
