War is a financial burden.An obstacle to the progress of the country.
As such, Russia has descended into a fierce war on Ukraine.Unless the economies of the countries are fragmented in a non-profit war there will be no big ups and downs.
Once the war starts in addition to the huge loss of life and property in both countries, economic loss will also be recorded.
President Zhelensky announced that the war had caused $ 100 billion in damage in Ukraine alone.
Other costs, such as arms supplies, military spending, and bomb-making, have a large economic burden.
Ukrainian sources said on Thursday that Russia’s destruction of Ukrainian cities had killed hundreds of civilians and caused $ 100 billion (approximately Rs 76.29 lakh crore) in war damage.Oleg Ustenko, Ukraine’s chief economic adviser, said it would take Ukraine half a decade to recover from the damage.
Oleg told the media that “50 percent of the businesses currently operating in their country are not operating and those that are operating are still not operating 100 percent”, which has placed an irreversible burden on the country’s economy.Oleg said economic development would not be possible if the war stopped now.
On the other hand, the world’s financial assistance to Ukraine, which is mired in war crisis, will continue.The International Monetary Fund (IMF) on Wednesday approved $ 1.4 billion in emergency financial assistance to Ukraine.The World Bank has already released $ 500 million as part of its $ 3 billion financial package.The U.S.Congress on Wednesday approved $ 14 billion in US aid to Ukraine.In addition, Ukraine could use about $ 300 billion of the Russian Central Bank’s reserve funds frozen as a result of Western sanctions, as well as funds seized from Russian President Vladimir Putin’s ally Oligarch.
