Rebuilding Ukraine after its war with Russia will be a monumental task comparable to the US Marshall plan which helped revive the western European economies after World War II, said German Chancellor Olaf Scholz following a virtual meeting of G-7 leaders.
“The reconstruction of Ukraine will be a task for humanity, comparable to the Marshall Plan after World War II,” the chancellor told a news conference in Berlin.
According to World Bank estimates, Ukraine’s reconstruction will reportedly cost at least €350 billion ($368.5 billion).
Scholz pointed out that the G-7 “agreed on key elements for a platform that will coordinate the financial support of all donors.”
“The goal is to build this platform quickly with the participation of Ukraine and international financial institutions and other partners,” he added.
Meanwhile, the G-7 stressed in a statement their support “for efforts to secure Ukraine’s immediate financial stability and its recovery and reconstruction towards a sustainable, prosperous and democratic future, in line with its European path.”
“We will build on the outcomes of the International Expert Conference on the Recovery, Reconstruction and Modernisation of Ukraine held on 25 October in Berlin, as well as at the Ukraine Recovery Conference on 21-22 June 2023 in London,” the G-7 added.
The G-7 leaders called again for an end to the Russia-Ukraine war and a withdrawal of Moscow’s troops from Ukrainian soil.
“Russia’s war of aggression must end. To date, we have not seen evidence that Russia is committed to sustainable peace efforts. Russia can end this war immediately by ceasing its attacks against Ukraine and completely and unconditionally withdrawing its forces from the territory of Ukraine,” the G-7 said.
Germany is currently holding the G-7 presidency until the end of the month before handing it over to Japan.
Zelenskyy proposes ‘global peace summit’
Ukrainian President Volodymyr Zelenskyy also addressed the G-7 leaders in a video message, urging continued support for his country against Russia, and suggested convening a special summit to implement the Ukrainian peace formula.
Zelenskyy said there are three steps that should be taken to achieve peace.
“The first is a new force. Ukraine needs modern tanks, constant artillery support with guns and shells. We need more rocket artillery and more long-range missiles. The more effective we are with such weapons, the shorter the Russian aggression will be,” he said.
“The second is a new resilience. We must maintain financial, energy, and social stability next year. Should we not lose in these aspects, we will win in everything else,” he added.
Zelenskyy said the third one is “new diplomacy.”
“Ukraine has always led the negotiation process and did everything to stop Russian aggression. Now we feel the opportunity to use diplomacy to bring the liberation of all our people and all our territories closer,” said the president.