United in Recovery for Ukraine

Earlier this week, I represented 世界银行 Group at the 2024 Ukraine Recovery Conference in Berlin, my fourth time attending this series of high-level events in support of Ukraine. While the initial focus before the Russian invasion was on reforms, for the past three years, the attention has unfortunately shifted to recovery.?

Forty months have passed since Russia’s invasion of Ukraine, with the consequences we all know, making our support more vital than ever. And such gatherings so crucial.??

I came with a strong message: Our support for the Ukrainian people is not faltering. Staying the course and helping Ukraine to rebuild and recover is the only option. I was happy to feel the same sense of commitment among governments, partners, businesses, and civil society – all united in our resolve to strengthen the resilience of Ukraine for as long as it takes.?

This year’s edition emphasized the human dimension of the recovery, a much-needed focus. Supporting the Ukrainian people, who have never ceased to demonstrate impressive resistance and bravery, is also our top priority.?

Since the beginning of the war in Ukraine, 1.8 million more people have fallen into poverty. Far too many. But this number could have been much higher without the continued support from the international community. Despite the destruction caused by the war, the government has continued to pay salaries and pensions, deliver essential services, and provide social assistance – a crucial lifeline for so many. And I’m proud of the role our PEACE platform has played.?

We also know that reconstructing Ukraine will require the participation of all citizens at home and abroad. The country’s future relies on opportunities created for them. I was proud to announce the World Bank’s participation in the Skills Alliance for Ukraine, a joint initiative of partners and the business community to provide uninterrupted access to education, skills, and training for Ukrainians. I see this as a human capital accelerator.??

The Conference was also an opportunity to recognize the crucial role of women and girls as the country’s future leaders. For Ukraine to recover and rebuild better, women must be an integral part of the solution. As Germany’s Minister Svenja Schulze says, we need to embrace a “feminist development policy” – she’s absolutely right!?

This is why I was proud to join her, together with Ukraine’s Deputy Prime Minister Olha Stefanischyna, UN Women Deputy Executive Director Kirsi Madi , and Google’s Vice President for Central Europe, Philipp Justus , along with Melanne Verveer , Director of Georgetown Institute on Women, Peace and Security, at the launch of the Alliance for Gender-Responsive and Inclusive Recovery.?

This Alliance will keep us firmly on track — united in our belief that when women succeed, we all win.?

Finally, this Conference gave us a chance to continue the discussions on the reforms, which are critical for recovery and future growth. Undertaking reforms in the midst of a war is no small deed. And yet, under the most difficult circumstances, Ukraine Minister of Finance Serhiy Marchenko and the government of Ukraine continue to show great determination in keeping a focus on reforms and strong public financial management.?

The Policy Reform Matrix presented at the Conference demonstrates the ambition of Ukraine’s aspirations and will help boost the economic recovery and mobilize the private sector. Reforming is investing in the future.??

Our research suggests that, with the necessary reforms, the private sector can cover a third of Ukraine's reconstruction needs. At a time when needs are soaring, blended finance and guarantees are essential to give private sector investors the confidence boost Ukraine needs.

Now and tomorrow.?

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