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Ukraine is facing a dire humanitarian crisis. But its fiscal problems are piling up, too.
That’s the message officials are bringing to Washington this week, where they are asking the U.S. and other G-7 countries to support a $50 billion aid package to help offset the country’s widening budget gap.
Russia’s invasion has battered Ukraine’s economy, which officials estimate contracted 15 percent in the first quarter. Roughly half of the country’s businesses remain closed, and continued fighting means key commodity exports such as grain and metals are unable to be shipped via the Black Sea.
With revenue collapsing, Ukraine faces a budget shortfall of roughly $8 billion a month for the foreseeable future, Oleg Ustenko, President Volodymyr Zelenskyy’s top economic adviser, told POLITICO.
Ukraine is proposing an aid package, coordinated by G-7 members, to help cover the gap for the next six months. Without…
