About the author: Yulia Svyrydenko is Ukraine’s minister of economy.
Ukraine is fighting two wars. One is against Russia on the battlefield. And the other, for a better economy, is at home.
We must win both.
The world knows about the first war. For a year and a half, the airwaves and press have been filled with images of Russian aggression. Russian aggression, and brave Ukrainian resistance from Snake Island to Bakhmut. But just as important as the war itself is understanding Ukraine’s economic challenge. We need weapons, yes. But we also need investments, not least for reconstruction. Russia has relentlessly pummeled our infrastructure, and killed our people, for years. Now, reconstruction will require both international and Ukrainian efforts, working together.
This requires trust.
To this end, it’s important to address reports about our fight against corruption in Ukraine. International investors need to know their funds are secure and that capital will be allocated, as intended, to the rebuilding and development of the Ukrainian economy. On this front, there is good news. Ukraine has an effective, technology-based tool called ProZorro. This is a system that was created with the primary goal of the transparent and efficient use of state funds. Many Ukrainian and international companies already know how to use ProZorro. They have come to trust in its reliability. Now, we need more international investors to understand that the platform is the most effective one for financing the reconstruction of Ukraine.
Transparent, safe, and effective, ProZorro is one of the most successful reforms in the history of post-Soviet Ukraine. It brings transparency, accountability, and digital record-keeping—an effective tool in minimizing corruption risks in procurement. It’s one of few platforms that works as a “builder,” offering flexible approaches that allow each donor to use the system according to their own rules.
But don’t just take my word for it. The World Bank has confirmed ProZorro fully complies with its rules. And now four other financial organizations have an agreement to apply a unified approach to procurement in Ukraine. These are the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, and the World Bank. They will use ProZorro for small tenders.
That’s a very important group of institutions. All have placed their trust in us.
In addition, thanks to the recommendation of the World Bank, ProZorro can now accept offers from participants in various currencies. This opens Ukraine’s economy up to the world, offering investment opportunities to all. The next stage is to move ProZorro’s use from optional to mandatory. This will attract as many Ukrainian companies as possible to enter into simple, low cost contracts. The result will be not just reconstruction, but rapid economic development in Ukraine.
ProZorro is a win-win for Ukrainians. And it’s a win-win for supportive international partners too. It will boost local businesses and producers that are ready to join Ukraine’s recovery. This, in turn, will strengthen the stability of Ukraine’s economy, increase tax revenue, create new workplaces, and save money for the state.
All that, in turn, helps Ukraine defend itself against Russia and rebuild its economy as an ally of the West.
We intend to win our wars. We will defeat Russia on the battlefield. And we will rebuild our homes and businesses—alongside our international partners—relying on ProZorro all the way.
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