Why Ukraine needs more than just U.S. weapons as it fights Russia

But despite the Ukraine military's recent success on the battlefield, the country’s economy is in understandably rough shape after nearly seven months of war.

General Assembly brings together leaders from around the world, it is the perfect time to start thinking about what it will take for Ukraine to support itself once the conflict has ended.

Despite the Ukraine military's recent success on the battlefield, the country’s economy is in understandably rough shape after nearly seven months of war.

In particular, it would be wise for American and European powers to arrange for more extensive economic support for Kyiv — particularly for Ukraine’s currency — in addition to providing the weapons that have been a top priority and have helped shape the current state of the war.

The total hit to GDP this year will see Ukraine’s overall economy shrink by one-third.

More importantly, Ukraine (as often happens in wars) has resorted to funding much of the war effort by having its central bank buy government debt — that is, by printing money — because it has no other option.

has already spent a tremendous amount on Ukraine — around $40 billion in total, though most of that has come in the forms of military weapons and equipment (mostly built by American defense contractors, one should note).

Just $8.5 billion has gone to direct budgetary support.

That’s highly welcome help, and far more than any other country has contributed, but not enough even to cover two months of Ukraine’s $5 billion monthly budget deficit.

Several big creditors — the U.S., the U.K., Canada, France, Germany and Japan — also recently agreed to a repayment freeze on their Ukrainian debt through 2023, and possibly for another year after that.

Far better to set Ukraine on a path to economic prosperity — and maximum production of badly needed food — rather than squeeze it for future debt payments it might not be able to produce anyway.