World Bank: Because of the war, the level of poverty in Ukraine increased tenfold

In 2022, due to the war, the level of poverty in Ukraine increased tenfold.

Regional Director of the World Bank in Eastern Europe, Arup Banerjee, told Reuters about this.

"If this continues, the outlook will be much, much harder," he told reporters.

At the same time, Banerjee considers the international communityʼs reaction to Zelenskyʼs calls for help to Ukraine encouraging.

"Most countries have indicated that they will financially support Ukraine during the next year, and therefore this is a very positive result," said the representative of the World Bank.

According to him, by the end of 2022, 25% of the population of Ukraine will live in poverty, compared to slightly more than 2% before the war. And by the end of 2023, this figure may increase to 55%.

Banerjee also noted that the election of the Minister of Finance of Ukraine Serhiy Marchenko as the next chairman of the Board of Governors of the World Bank and the International Monetary Fund testifies to the constant support of Ukrainians.

IMF Managing Director Kristalina Georgieva said that in 2022 international partners have already allocated $35 billion to Ukraine in the form of grants and loans, but in 2023 the financing needs will remain "very large".

Arup Banerjee believes that without the support of partners, Ukraine will either have to print more money or cut social spending even more.

• The European Commission is considering the possibility of providing Ukraine with about €1.5 billion in budget support every month in 2023.
• On October 4, it was reported that Ukraine will receive $529.9 million in additional financing from the World Bank for urgent needs.
• Sources at The Washington Post say tensions are rising between the United States and its EU allies over Ukraineʼs economic situation.