UPDATE - Ukraine needs $7B per month to make up for economic losses: Zelenskyy

ADDS REMARKS BY UKRAINIAN PRESIDENT

By Busra Nur Cakmak

ANKARA (AA) - Ukraine's president said Thursday that his country needs $7 billion per month to make up for economic losses.

Volodymyr Zelenskyy's remarks came in an address to the International Monetary Fund (IMF) and World Bank meeting via video link.

He said immediate support for Ukraine is needed so that “Russian leadership knows that the war will not allow them to realize any of their aggressive goals.”

Russia should be excluded from all international financial institutions, said Zelenskyy and a “special tax for the war” should be implemented for Russia.

“We need to continue to block the assets of the Russian state and representatives of the Russian elite,” he said.

“Russia, and after it any other aggressor, must pay for violating global stability,” he added.

IMF Managing Director Kristalina Georgieva said the international financial institution released its World Economic Outlook on Tuesday and predicted Ukraine's GDP will decline by about 40%.

“We estimate that over the next 2-3 months some $5 billion a month may be needed simply to allow the government and the economy to continue to operate in the midst of the war,” said Georgieva. “So, more external financing is necessary—especially concessional funding and fast-disbursing grants.”

At least 2,345 civilians have been killed and 2,919 injured in Ukraine since the war began Feb. 24, according to UN estimates, with the true figure believed to be much higher.

More than 5 million Ukrainians have fled to other countries, with over 7.7 million more internally displaced, said the UN refugee agency.