Budgets, currency, trade routes, labour and reconstruction finance — how an economy keeps running while it is being attacked.
Transport infrastructure is the reconstruction that all other reconstruction depends on, and it has been rebuilt continuously rather than waiting for a plan.
Ukraine reached agreement with its private bondholders on restructuring its external commercial debt. Doing that during a war, without a default, is not a small technical…
A significant share of Ukraine's wartime borrowing has come from its own population and banks. That is unusual and it matters for more than the arithmetic.
Lugano wrote the principles. London addressed the risk. The Rome conference in July 2025 dealt with the thing that follows both: a pipeline of actual projects…
Reconstruction financing has been available for some time. What was missing was a supply of projects prepared well enough to receive it.
By 2025 external financing to Ukraine was doing two jobs at once, and the second one is the more consequential.
By 2025 Ukraine external financing had become something it had not been in 2022: routine. Instalments arriving against a published plan, on dates known in advance…
A factory cannot be financed if it cannot be insured, and no commercial underwriter will price a risk they cannot model. Solving that has been the…
Reconstruction plans assume a construction sector capable of executing them. Ukraine's has lost a large share of its workforce, and that is the binding constraint.
Immobilised russian sovereign assets generate income. In 2024 the G7 agreed a structure that lends Ukraine a large sum now and repays it from that income…
Some of the most effective reconstruction assistance has gone directly from one municipality to another, bypassing national machinery entirely.
In 2024 partner governments agreed to lend Ukraine substantial sums to be repaid from the future revenues of immobilised russian assets. The structure is unusual and…
The primary sources this archive rests on. All of them official bodies or institutional data providers.
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