Denis Shmygal assesses the damage to the country from the Russian invasion

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Denis Shmygal assesses scale of losses of Ukrainian economy due to Russian invasion

Ukraine's allies help Kiev cover part of the state's budgetary needs.

The damage assessment from the Russian armed aggression verified by the World Bank was $350bn as of 1 June 2022 and $600-750bn as of 1 January 2023. However, due to the fact that the military conflict continues, the amount of damage will grow, Prime Minister Denys Shmyhal said.

The head of the Ukrainian government also informed what sums were spent by the Cabinet in 2022. He specified that total budget expenditures last year amounted to UAH 2.64 trillion, while revenues - UAH 1.33 trillion. State debt increased by only $13 billion during the year - up to $111 billion.

He also said that the country survived largely thanks to the support of the partners.

About 62% are our funds and bonds (internal government loan). 38% or $38 billion are grant funds and preferential loans from our partners, - he said.

The head of the Cabinet of Ministers added that this year's budget deficit is estimated at $38.5 billion, which Ukraine intends to finance through foreign loans.

Shmyhal recalled that Ukraine is working with its allies to confiscate Russian assets abroad. The Russian money is intended to be used to rebuild the country.

The issue of confiscation of Russian assets in favor of Ukraine is being solved at the legal level. There is already a first successful case. We are talking about confiscation of assets of two Russian banks worth 17bn hryvnyas," Shmyhal said.

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