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EBRD President publishes article discussing goals of financial assistance to Ukraine

March 06, 2014, 18:16 UTC+3 LONDON
Suma Chakrabarti spells out several objectives the EBRD will pursue by providing aid to Ukraine
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Suma Chakrabarti

Suma Chakrabarti

© EPA/MARIO CRUZ

LONDON, March 06. /ITAR-TASS/. President of the European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti, has mapped out the goals of financial assistance to Ukraine. His article has been published at the website of the London-based institution.

“The European Bank for Reconstruction and Development, already one of the biggest foreign investors in Ukraine, is currently assessing the economic needs there and how we might be able to respond,” the article says. “As part of the international community’s help and assuming the right macroeconomic policies and conditions […] we have the capacity to invest around €800 million to a billion annually in Ukraine over the next few years.”

Chakrabarti spells out several objectives the EBRD will pursue by providing aid to Ukraine.

Number one is “fiscal and external consolidation,” as Ukraine “is in urgent need of shift of economic policies.” “Any support package can help the country meet is its most pressing obligations but it will only be able to make a lasting impact if it comes with the right economic policy mix that ensures sustainable development.”

Number two is political stabilization, which Chakrabati describes as “condition sine qua non for any progress.” He writes that “the authorities must take decisive measures to set the country on the right path now.”

“The financial backing of the international community is supposed to provide the needed shot in the arm to strengthen the authorities’ muscle,” he says.

The article goes on to say that “chief among the priorities for reform must be a focus on developing the private sector further and a commitment to it beyond any doubt.” Chakrabati says “In a radical break with the past Ukraine needs to enlarge the sector of small and medium-sized enterprises.”

Area number four is “good governance” — “a major and often overlooked aspect,” he writes. “We are encouraged by the new (Ukrainian) government’s announcement that a purge of corruption will be a priority and the EBRD stands ready to contribute and wants to make progress with the Initiative.”

The article also stresses the EBRD plans to assist the incumbent Ukrainian authorities “in the effort to make Ukraine a country governed by the rule of law,” which is critical for restoring order and making the country attractive as a business destination again.

The rule of law “is also what it essentially means to be a part of Europe,” Chakrabati says adding that Europe is “a variety of nations with complex histories, shared values and a bright future.

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