President Biden has tapped a veteran of the Obama administration Cabinet and major Democratic Party donor to help promote the rebuilding of the Ukrainian economy, creating a new post to coordinate the reconstruction effort even as Ukraine battles to fight off a Russian invading force that still occupies a fifth of the country.
in a statement said the new special representative’s duties will include “mobilizing public and private investment, shaping donor priorities and working to open export markets and businesses shut down by Russia’s brutal attacks and destruction.”
The president said the envoy’s job also will be to make sure domestic and international rebuilding efforts do not conflict or overlap. In addition to tens of thousands of deaths and millions more driven from their homes by the Russian invasion,has suffered major economic damage as well. Kyiv officials say the economy shrank by nearly a third in 2022 because of the war, and Russia is blocking a deal that had allowed vital Ukrainian grain and agricultural exports to reach world markets.
But Mark Volynski, an economic analyst with the Center for Strategic and International Studies, said parts of the Ukrainian economy have proved to be “just as resilient as its people.” “Despite the continued fighting, the country’s economy has started to stabilize,” he wrote in a blog post this week. “A large reason for this positive development is the government’s policy to reduce income taxes as well as VATs on imports and taxes on fuels, slowing down inflation and supporting Ukrainian businesses while active fighting continued.”
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