Kiev Advocates For Insurance Mechanism To Assist Ukraine's Economic Recovery

An insurance mechanism should be created for the reconstruction of Ukraine right now, without waiting for the end of the hostilities, to prevent the country's economy from "drying up," Ukrainian Trade Minister Yuliia Svyrydenko said on Friday

MOSCOW (UrduPoint News / Sputnik - 10th March, 2023) An insurance mechanism should be created for the reconstruction of Ukraine right now, without waiting for the end of the hostilities, to prevent the country's economy from "drying up," Ukrainian Trade Minister Yuliia Svyrydenko said on Friday.

"One very important topic that was discussed, of course, is reconstruction and recovery, and such mechanisms like insurance. And we cannot wait until the war will be finished and we need to speed up time. Otherwise, Ukrainian economy will dry up. So, the response we see there (is) active use of war risk insurance mechanism," Svyrydenko told a press conference after an informal meeting of the EU foreign and trade ministers in Stockholm.

She added that such a mechanism had been used by European countries several decades ago, but then it had been "put on the shelf thanks to the peaceful times."

Last fall, Kiev estimated the post-conflict reconstruction of the country at around $750 billion, while the European Commission estimated the damage caused by Russia's military operation at 600 billion Euros ($637 billion).