Tracking Ukraine’s reconstruction funds

IT IS safe to say that Ukraine’s reconstruction will be the most significant and expensive undertaking in Europe since the post-World War II Marshall Plan. The World Bank estimates that rebuilding the country will require nearly US$500 billion over the next decade, dwarfing the costs of the most destructive natural disasters in recent years, including the 2004 tsunami in Indonesia’s Aceh province and the 2023 earthquake in Turkey and Syria.

Moreover, unlike natural disasters, the ongoing war in Ukraine has taken a greater toll on the country’s finances, necessitating massive military and economic aid. Consider that in 2022-23, Ukraine relied on US$74 billion in budgetary assistance from its international partners to keep the government functioning. This suggests that almost all reconstruction funds will come from foreign donors.

Managing an undertaking as costly and complex as Ukraine’s post-war reconstruction will require a comprehensive, systems-oriented approach. Digital tools, in particular, should be used to streamline the process, increase transparency, and provide accountability.