Foreign countries sign final declaration of Ukraine takeover in Lugano – OpEd – Eurasia Review

Ukraine received huge financial support and promises for its economic recovery and destruction during Russia’s “special military operation” on its territory which began in late February. The Russian military operation, now in its fifth month, has destroyed important infrastructure and severely crippled the economy.

According to reports tracked by this author, more than 40 countries signed the final declaration of the Ukraine Recovery Conference held this month in Lugano, Switzerland. The signatories reiterated their full support for the sovereignty and territorial integrity of Ukraine within its internationally recognized borders.

Countries recognized a Ukraine-led draft recovery and development plan as an overarching framework guiding the recovery process, enabling coordinated multi-stakeholder participation and partnerships.

The participants supported the establishment of an effective coordination platform between the Ukrainian government and all its bilateral and multilateral partners, organizations and international financial institutions for the preparation and implementation of the plan for the recovery and development of Ukraine.

Signatories stressed the importance of fair and transparent development of financing, lending and borrowing practices in accordance with recognized international rules, standards and principles in Ukraine’s recovery process.

Ukrainian Prime Minister Denys Shmyhal said Ukraine’s stimulus package was estimated at $750 billion. Shmyhal, however, insisted that assets confiscated from Russia and Russian oligarchs should be a key source of Ukraine’s recovery.

Among other sources, he also mentioned international grants, easy loans from international financial institutions, private investments and extrabudgetary contributions from individuals and companies. Ukraine’s budget will also be among the sources of the country’s recovery, Shmyhal said.

According to German Minister for Economic Cooperation and Development Svenja Schulze, Germany is ready to host Ukraine’s next reform conference in 2024. Recovery and reforms are part of the strategic task for years coming, which is why Germany will host a conference on reviving international experts, Ukrainian media quoted Schulze as saying at the Ukraine Reviving Conference in Lugano, Switzerland.

In addition, the German government promises grants totaling 426 million euros for direct support to Ukraine.

Sweden’s Minister for International Development Cooperation, Matilda Ernkrans, said Sweden would provide an additional €6 million for Ukraine’s recovery.

The money will be granted in coordination with the Ukrainian government and EU institutions to channel funds to priority areas. About 1 million euros are allocated to nuclear safeguards, as well as 0.5 million euros to demining. In total, aid to Ukraine has exceeded 380 million euros since February 24, Ernkrans said.

In turn, the Netherlands has allocated another 200 million euros to help Ukraine through the International Monetary Fund, the Dutch Minister for Foreign Trade and Development Cooperation, Liesje Schreinemacher.

Continuing efforts to address Ukraine’s most pressing financial needs, Schreinemacher announced the allocation of an additional 200 million euros through the IMF-administered account. The money will finance the current needs of the Ukrainian government, such as paying the salaries of civil servants, teachers and doctors.

Denmark will provide aid of 13.5 million euros to Ukraine, according to Danish Foreign Minister Jeppe Kofod. He said he was particularly happy to announce the availability of an envelope of 13.5 million euros to support concrete measures before the start of winter.

Participants endorsed the Lugano Declaration outlining the following seven guiding principles of the country’s recovery process (Lugano Principles): partnership, reform orientation, transparency, democratic participation, multi-stakeholder engagement, gender equality and inclusion, and sustainability in of the Ukraine Recovery Conference. in Lugano, Switzerland.

Shirlene J. Manley