War economy
Getting private money into the room
Public money cannot rebuild Ukraine. Everyone involved knows this, and by 2024 the question had become what specifically would bring private capital in.
War economy
Budgets, currency, trade routes, labour and reconstruction finance — how an economy keeps running while it is being attacked.
War economy
Making frozen assets do some work
In 2024 European governments agreed to direct the extraordinary revenues generated by immobilised russian central bank assets towards Ukraine. The legal reasoning is worth understanding.
War economy
A four-year instrument instead of an annual argument
In early 2024 the European Union adopted a multi-year financing instrument for Ukraine. Its most valuable feature is its duration.
War economy
The Facility is adopted
In February 2024 the European Union adopted the Ukraine Facility: fifty billion euro over four years, in grants, loans and guarantees, released against a plan Ukraine…
War economy
Paying the salaries: budget support in late 2023
The least discussed form of assistance to Ukraine is also the largest in effect: money that pays teachers, doctors and pensions so the state can spend…
War economy
Compensation for a destroyed home, paid through an app
A compensation scheme for damaged and destroyed housing is normally a decade of paperwork. Ukraine built one that a person applies to from a phone, and…
War economy
Housing first, and the problem of proving what you lost
The largest single category of damage in Ukraine is housing. Rebuilding it turned out to depend less on construction capacity than on paperwork.
War economy
The Fund programme as an external audit
An International Monetary Fund programme is usually discussed as money. Its more valuable function during this period was quarterly verification that other lenders could rely on.
War economy
London: the conference that talked to investors, not only donors
The recovery conference in London in June 2023 did something the earlier ones had not. It addressed private capital directly, and it spent most of its…
War economy
Fifty billion, tied to a plan
In June 2023 the European Commission proposed a single instrument to carry support for four years — grants, loans and investment guarantees together, released against a…
War economy
A four-year programme, in the middle of a war
In March 2023 the International Monetary Fund approved a multi-year programme for Ukraine. The Fund had never before agreed a full programme with a country in…
War economy
Someone finally counted
In March 2023 a joint assessment by the World Bank, the European Commission, the United Nations and the Ukrainian government put a number on what recovery…
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