Ukraine requires financial and military support to sustain its economy, stated Beata Javorcik, Chief Economist of the European Bank for Reconstruction and Development (EBRD), the business news portal UBN reported on Jan. 18.

Despite last year’s growth of over 5%, the economic situation in Ukraine remains challenging.

Read also: EBRD board greenlights EUR 4 billion boost for Ukraine investments

“There is a significant risk that if money does not come from abroad, the situation may spiral, and the government may have to resort to the printing press,” she said, highlighting the Ukrainian government’s excellent work in ensuring macroeconomic stability.

Javorcik also announced EBRD plans to invest €7.5-15 billion ($8-16 billion) in Ukraine over the next five years, with a specific focus on supporting the private sector.

Ursula von der Leyen, President of the European Commission, earlier called on Western partners at Davos to offer “predictable” financial aid to Ukraine in its confrontation with the aggressor, Russia.

Read also: EBRD forecasts rise in Ukraine’s GDP of 1% in 2023

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