Ukraine’s GDP has decreased by 25% since Vladimir Putin’s invasion, and its central bank is rapidly depleting foreign reserves. Recent attacks by Russia on critical infrastructure have further worsened growth forecasts for the country. Ukraine’s finance minister, Sergii Marchenko, emphasized the importance of having strong economies to support strong armies in a warning on June 17th.
Despite these challenges, Ukraine received a funding package of $60 billion from American lawmakers in April, ensuring that the country will not run out of weapons anytime soon. Additionally, the G7 announced plans on June 13th to provide Ukraine with another $50 billion by using Russian central-bank assets frozen in Western financial institutions. These promising developments provide some hope for the beleaguered Ukrainian economy.
However, despite these developments, Ukraine is still facing a cash crunch that needs to be addressed promptly. The ongoing conflict with Russia continues to take a toll on the country’s economy, and it remains to be seen how long it will take for Ukraine to fully recover from its economic hardships.
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