“Post-War Reconstruction of Ukraine Will Be the Largest Ever,” – Natalie Jaresko

The 26th Annual Milken Institute Global Conference brought together specialists from various fields to discuss possible solutions to today’s most pressing challenges. Natalie Jaresko, Chairperson of the Aspen Institute Kyiv Supervisory Board, Member of the Supervisory Board of the Aspen Institute (USA), Managing Director, Ernst & Young U.S.LLP (EY), participated in a panel discussion titled “Ukraine: Global Perspectives on Russia’s Invasion of Ukraine. Part 2: The War in Ukraine and Reconstruction.”

Investing in Ukraine’s Economy for Post-War Rebuilding

Natalie Jaresko emphasized that Ukraine has great potential for development. According to her, everyone will have the opportunity to contribute.

“Ukraine is very advanced in technology, and it has developed even more during the war, using civilian technologies for military needs. We can talk about Ukrainian agribusiness as a source of global food security. Additionally, Ukraine has a significant reserve of unique minerals, whereas today, the EU imports 98% of them from China. Thus, we understand that changing trade chains is an urgent need,” says Ms. Jaresko.

Natalie Jaresko says Ukraine’s post-war reconstruction will be the largest ever, much more extensive than the Marshall Plan. Moreover, she highlights that it is already necessary to consider how to make the post-war recovery more effective.

“It is necessary to discuss how to identify opportunities for the reconstruction of Ukraine, how to prepare for these opportunities, what capacities are needed, and how the governments of other countries can participate. For example, through a ‘first-loss’ mechanism, political and military risk insurance, or other ways. I think we need to work hard in this direction right now to be ready.”

Economic Attractiveness of Ukraine and the Possibility of Increasing It Now

Natalie Jaresko reminded that Ukraine and the International Monetary Fund have reached an agreement on a new extended financing program of $15.6 billion over four years. According to her, participation in this program is an indicator of successful management for Ukraine.

“The extended financing program will allow us to continue collecting tax revenues within reasonable limits and guarantee an investment environment that creates a foundation to get out of this situation and no longer require financial assistance.”

Natalie Jaresko also stressed that there is no need to wait for reconstruction but to start it now.

“When we talk about reconstruction, this process is understood as the time when the war ends. But we cannot wait. We need to restore the objects that were destroyed, especially critical infrastructure. And Ukraine is doing this extremely well. Russians attacked the power, heating, and water supply systems every day. Over 95% of the targets are civilian objects. Today, after restoration, Ukraine is exporting electricity to Europe again. This is about resilience and Ukraine’s readiness to act.”