Penny Pritzker Says Ukraine’s Economy Needs Reform and Investment to Thrive

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Penny Pritzker Says Ukraine’s Economy Needs Reform and Investment to Thrive

Ukraine has “made a lot of progress” on battling ***********, “but there’s work to do” before its economy can achieve its full potential, Penny Pritzker, the U.S. special representative for Ukraine’s economic recovery, said on Monday.

Ms. Pritzker, a former U.S. commerce secretary and major Democratic Party donor, spoke in an interview as she prepared to depart the Biden administration when her one-year appointment expires.

Her appointment spotlighted the Biden administration’s belief that to survive Russia’s aggression over the long term, Ukraine must show economic as well as military strength — and that even with Russian forces still deep inside its borders, planning should begin for the country’s financial future.

Those goals are a work in progress. But Ms. Pritzker returned last week from her sixth trip to Ukraine, where she has family roots, preaching optimism about the country’s potential.

She noted that Ukraine’s economy grew by 5 percent last year and that some major companies see opportunity there. Uber has expanded its service to 18 Ukrainian cities from nine in the past year, she said, and McDonald’s has been opening new restaurants in the country.

“There’s an economy that is functioning today,” she said. President Vladimir V. ****** of Russia “is trying to ******* it, but they’re persevering.”

But while Ukraine’s economy has rebounded somewhat, it still faces dire straits. Its growth last year followed a plunge of almost 29 percent in 2022, according to

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. Its federal budget is largely subsidized by foreign nations, including the ******* States. And investors must consider the risks associated with putting money into a country entirely within range of Russian missiles and ******* drones.

During her trip to Kyiv last week, Ms. Pritzker unveiled a five-point plan for the country’s economy that she has discussed with President Volodymyr Zelensky and President Biden.

The plan calls on Ukraine’s government to create more “shovel ready” projects for investment, reintegrate war veterans and refugees into the economy, and connect foreign donors with economic projects.

Ms. Pritzker also called anti-*********** measures vital to the country’s economic future. She said Ukraine was making laudable but “incremental” progress, and must do more to reassure potential foreign investors and achieve its goal of joining the ********* Union.

“You’re not going to get the capital without having the kind of anti-*********** ******, and these institutions, embracing reforms in your laws, and in your norms,” she said.

She added that such reforms were not just a key demand of the ******* States and the ********* Union, but of Ukraine’s citizens as well. “It is absolutely the No. 1 most important thing to the Ukrainian people, according to polling,” she said.

Most daunting, perhaps, is the potential for a long and drawn-out war, which would subject Ukraine’s future to the deep uncertainty that spooks investors. A recent surge of air defense equipment from Western nations will help to protect major infrastructure projects, Ms. Pritzker said.

But no economic plan can provide Ukraine’s economy with what it needs most: an end to Russia’s attacks. As Ms. Pritzker put it, “For any economic recovery, a precondition is security.”

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#Penny #Pritzker #Ukraines #Economy #Reform #Investment #Thrive

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