Ukraine seeks reparations from Russia, new form of 'Marshall Plan' to help rebuild economy

As the ravaging war in Eastern Europe continues to intensify, Ukrainian Deputy Minister for Economy, Trade and Agriculture, Taras Kachka, stated that not only does the country need economic reparations but also a new plan to help Ukraine "leap into the future." Kachka made the remarks while addressing the GLOBSEC Forum in Bratislava through a video link on Saturday.

During his address, the minister said that a new form of the 'Marshall Plan' will assist the country get closer to the European Union (EU) and the Group of Seven (G7) countries. The 'Marshall Plan' was a proposal outlined by the then-US Secretary of State George C. Marshall in June 1947 to aid in the reconstruction of Europe's and Germany's economies following the Second World War.

Meanwhile, Kachka also demanded that Russia provide reparations to Ukraine for the terrible damage it has caused since the onset of the war. "Russia should pay for the damages it is doing and I hope that we will be at that moment when Russia will make reparations because we all believe that Moscow will lose this war," he claimed, The Associated Press (AP) reported. 

Ukraine needs to regain access to markets as soon as possible: Official

Meanwhile, according to Markus Berndt, Deputy Managing Director of the European Investment Bank, it is critical that Ukraine regains access to markets as quickly as possible so that it can sell its goods and rebuild its economy.

"Let's act under this scenario, and start all the required processes without waiting. Because the longer we wait the more damage is done to the Ukrainian economy," he said.

Notably, Ukraine exports large amounts of grain across the world, with Asia and Africa being its primary buyers. 

Ukraine lost nearly $4.5 billion in civilian infrastructure damages every week

According to the Kyiv School of Economics, Ukraine has lost roughly $4.5 billion in civilian infrastructure damage every week since the onset of the war, and the country's total economic losses could soon reach $600 billion.

Meanwhile, the World Bank has claimed that the government of Ukraine and state-owned firms are facing a huge non-military fiscal imbalance and debt burden. It is pertinent to mention here that several countries across the world have been providing humanitarian, military and other necessary assistance to Ukraine since Russia launched a full-fledged war on February 24. 

(With inputs from AP, Image: AP)