News “Reconstruction may cost $1 trillion.” News headlines and events Last Minute Russia
Russia’s invasion of Ukraine is nearing the end of its first year. According to Ukrainian officials, about 10,000 civilians died during this time.
The exact number of dead soldiers is not known to the public. The destruction is also great. Parts of the country have been reduced to rubble by intense Russian bombardment.
In such a situation, one of the issues under discussion is how Ukraine will recover after the end of the war. It is stated that this may require $1 trillion.
The war, which Russia started on February 24, is in its first year.
Thousands of dead, settlements turned into ruins, millions forced to leave their places of residence …
In addition to the human dimension of war, there is also an economic dimension.
There is no sign of when the war will end.
But how Ukraine will recover when it ends is already being discussed.
Various studies are underway on the amount required for this.
We are talking about 1 trillion dollars.
Ilona Sologub of the Kyiv School of Economics said: “It’s hard to say now because the war is still going on and it’s still hurting. “The World Bank estimated this cost at $350 billion in June, but some other calculations show that this cost could reach $1 trillion,” he says.
So what will or should be the post-war reconstruction? Sologub answered this question at a meeting of the Atlantic Council think tank in Washington.
“Of course, it will not be easy, we count on the support of our allies. The most important goal of the restructuring is to turn Ukraine into a full-fledged democracy with a modern economy and strong institutions. We need a strong defense industry, and for the well-being of the people, full membership in the European Union is necessary.”
Improving the rule of law, macroeconomic stability to attract investment in the country, coordinating the actions of donor states and, of course, the control mechanism are among the most important elements of the restructuring process.
Perhaps the most important restructuring priority is economic development. Vice Prime Minister of Ukraine Yulia Sviridenko believes that economic development after the war is not worth waiting for.
Sviridenko said: “In wartime, business in Ukraine must continue, work must continue, and foreign companies must come to Ukraine in wartime and start working. Ukraine will become the center of attraction for investors on the second winning day. “Companies need to start pre-work now to get the best opportunity after winning without wasting time.”
Corruption is also seen as one of the important issues that need to be addressed in Ukraine. In recent days, many officials in the country have either resigned or been fired.
“South Korea was once one of the most corrupt countries in the world,” said Richard Green of the University of South Carolina. Now, if you look at the global transparency index, it’s in the same category as America. For investment, for transformation, property rights and the rule of law are critical.”
There are those who call corruption Ukraine’s internal enemy.
“Another enemy that Ukraine has to contend with is corruption,” said Aleksey Chernyshov, head of state-owned energy company Naftogaz. Corporate governance reform, judicial reform must be carried out regardless of whether there is a war or not. For this we cannot wait for the end of the war. “We have to do it now, because when the war is over, no one will want to invest in the country,” he says.
There is no evidence that the war in Ukraine will end in the foreseeable future. It seems that hard days await Ukraine after the war.
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