Over 3 months since the start of the Russian invasion of Ukraine, the cost of war is mounting and the Ukrainian economy will struggle to provide sufficient military, humanitarian and infrastructure support for its citizens.
We need urgent international solidarity on the issue of debt cancellation. Contact your MP today to urge them to support Early Day Motion 62 on Ukraine’s debt cancellation.
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The World Bank predicts that Russia’s invasion of Ukraine will lead to its economy shrinking by 45% in 2022 alone. By the end of March, the country’s direct one-time losses due to the invasion already exceeded $1 trillion, according to the country’s prime minister, Denys Shmygal.
Even prior to the invasion Ukraine was already one of the poorest and most indebted countries in Europe and it is due to make debt payments of $7.3 billion in 2022 alone. There is a growing recognition at the international, EU and US governing body level, acknowledged in the IMF report of April 2022 that Ukraine will also need money to reconstruct its homes and infrastructure and clean up and decontaminate cities and countryside.
I therefore urge you to support Early Day Motion 62 on Ukraine’s debt cancellation to ensure that the UK Government is using all tools within its power to support a fair and just restructuring of a war-torn country so that any and all financial support it receives goes towards rebuilding lives first and foremost.