The Importance of Multinational Support for Ukraine

Since the conflict in Ukraine began in 2022, the member states of the G7+ aimed to streamline and maximize aid efforts for Ukraine by creating an international Donor Coordination Platform and Secretariat. This initiative aims to bring about reforms and encourage the private sector to help facilitate multilateral solutions in times of global crises.

Leaders from around the world participated in a panel discussion at the U.S. Chamber of Commerce’s U.S.-Ukraine Partnership Forum about how the U.S., international financial institutions, and the G7+ partners can harness their collective economic power for the betterment and recovery of Ukraine.

Ukraine Needs Multinational Support to Sustain Its Economy

Sergii Marchenko, the Minister of Finance of Ukraine, said Ukraine needs help sustaining its people and economy.

“We need, right now, to rehabilitate our infrastructure as Russia destroys it,” he said. “The war led to the loss of jobs for … the working population.”

“To control personal incomes, many Ukrainians simply started working more during the war,” Marchenko continued. “We should create a stable, well-run environment in which the private sector can flourish.”

Marchenko likened the experience to the popular saying: There is a difference between giving a man one fish and giving him a fishing rod he can use to catch more fish.

“We would like to [create the] opportunity to attract business in Ukraine to create necessary conditions to pay taxes because a huge deficit of Ukraine should be covered for the nearest future,” he said. “We can't rely only on our partners; that's why the business environment in Ukraine is so necessary for us.”

The War In Ukraine Has Tested the Entire World’s Response To Defend a Free Nation

Mike Pyle, U.S. Deputy National Security Advisor for International Economics, stated Russia's invasion has posed a test to not just Ukraine, but the entire world.

“[It’s] a test of whether we collectively would respond to defend the principles that a free nation should be free of aggression, to stand up for democracy, and to stand up for the sovereignty of nations,” he said. “That is a commitment and a test that I think the world, most particularly the Ukrainian people, have stood up and answered affirmatively to.”

He added the test doesn’t end when the war does. In fact, it will only continue with the reconstruction and rebuilding of Ukraine so it can grow and become a prosperous nation.

“The test won't be over until Ukraine has the capability, has the footing, to secure the peace and secure its prosperity as a free nation,” he said.

To Rebuild Ukraine, Public and Private Sector Leaders Need More Urgency

According to Gert Jan Koopman, European Commission Director General for Neighborhood and Enlargement, “Reconstruction is starting now.” However, “the work that [Marchenko] and others have done has identified needs of 14 billion euros that need to be met.” 

“This year, 7 billion euros were funded, [and] 7 billion euros are missing, roughly speaking,” Koopman explained. “The task of the platform is to find that money and make sure that the investments, which are happening now, can continue to meet those very urgent needs.”

Heather Conley, president of the German Marshall Fund, noted that what's missing in this conversation is urgency, speed, and flexibility.

“We're talking, we're having lots of conferences … [but] we're not moving,” Conley said. “We need to move, and the move that we need to make is at the London Ukraine Recovery Conference on June 21 and 22. [The] British government has placed the private sector as a key element in this conference.”

“We need to move the policy framing needle at London,” she continued. “There needs to be a shared agreement on [the] use of Russian assets. There needs to be war insurance and a risk-sharing investment fund mechanism.”

Conley stressed the importance of sectoral focus as well as the vibrant Ukrainian private sector — which needs capital.

“We need to start these early recovery projects in the west and in the center where we can rebuild,” she said. “This is why we think it's so essential to unleash the private sector. Let them get started, and let the policy be framing and supportive of that.

Conley also noted there’s been a lot of political hesitancy around rebuilding Ukraine.

“Ukraine doesn't have ‘for as long as it takes.’ 2023 is an essential year for the counter-offensive and the beginning of reconstruction,” she emphasized. “We can keep talking at conferences, or we can start to move. We really do need action right now.”