In 2014, russia invaded Ukraine, occupied part of eastern territories and annexed Crimea. As a result, the country faced enourmous challenges with substantial drop in Ukraine’s GDP in 2014 and 2015. But, despite the war, Ukraine has managed to implement reforms maintaining economic resilience. The electronic public procurement system Prozorro was created and received the World Procurement Award. Ukraine became one of the leaders in fiscal transparency. It also managed to reduce its debt-to-GDP ratio from 80% at the end of 2016 to 50% by the end of 2019 and kept it at that level throughout COVID-19 years. Banking system became sound. The Ukrainian government also started many reforms in corporate governance, energy market, etc.
These reforms allowed Ukraine to remain resilient even after russia started a full-scale invasion of the country on February 24, 2022. This gave time for international partners to make decisions and start strong international support to Ukraine and introduce larger sanctions against russia. Moreover, reforms have continued during the full-scale war and culminated in the EU decision on accession negotiations. This all makes Ukraine’s experience a valuable lesson for other nations confronting external large-scale non-economic shocks and “black swans”.
On October 22, we would like to answer the question “How to stay resilient during the War” during the panel session at the Civil Society Policy Forum (CSPF) within the framework of the 2024 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF). The answer to this question is important not only for Ukraine, but for many other countries that face external risks and threats.
During the session, representatives of Ukrainian civil society organizations, the World Bank and the International Monetary Fund will discuss together following:
- How Ukraine is paving its way to resilience,
- Key reforms that supported the country’s economy during the war and driving its recovery,
- How resilience is ensured in the energy sector, one of the most affected sectors
- The role of international partnership
- What allowed the European Union to make a historic decision to start negotiations on Ukraine’s accession
The panel discussion will be followed with Q&A session and comments from the participants.
When: Tuesday, October 22 at 14:00-15:30 ET
Where: Washington DC offline on the fields of the World Bank and IMF autumn meeting and online in Zoom (the registration is required)
Language: English with simultaneous translation to French and Arabic
The registration is available via the link: https://bit.ly/4gQUQCh
Offline participation is restricted only to those participants, who are registered for the participation in Autumn IMF/WB meetings in general or Civil Society Policy Forum, in particular.
Moderator: Sanaa Nadeem, IMF Deputy Mission Chief for Ukraine
Panelists:
- Oleksandra Betliy, Leading Research Fellow, Institute for Economic Research and Policy Consulting
- Olena Pavlenko, President of DiXi Group think tank
- Karlis Smits, Lead Economist and Program Leader for Economic Policy for Eastern Europe World Bank
- Roman Kachur, Senior advisor, World Bank
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Join us for an inspiring discussion that emphasizes the importance of adaptability, strategic management, and international cooperation in maintaining resilience in the face of adversity.
Session organizers: International Renaissance Foundation, RRR4U Consortium (Resilience, Reconstruction and Relief for Ukraine) – DiXi Group, Institute for Economic Research and Policy Consulting, Center for Economic Strategy, Institute for Analysis and Advocacy. The activities of RRR4U are supported by a grant from the Open Society Foundations.
