US economic support is important for Ukraine's victory - Pritzker
Kyiv • UNN
US Special Representative for Ukraine's Economic Recovery Penny Pritzker emphasizes the importance of US economic assistance to Ukraine in countering Russian aggression. She argues that it can help stimulate the Ukrainian economy, reduce dependence on international support, and help create a corruption-free, competitive market.
Russia's aggressive war poses a serious threat not only to Ukraine, but also to the United States and Europe, to economic security, and to the very ideas of freedom and democracy. Putin's war is aimed at re-establishing a dictatorial, corrupt empire in the heart of Europe that seeks to undermine both NATO and the European Union.
This was written by the US Special Representative for Ukraine's Economic Recovery Penny Pritzker in a column for The Hill, UNN reports .
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This is not just about Europe. Friends and adversaries-in the Middle East, the Indo-Pacific, and around the world-are watching to see how the United States will respond to this moment. These are the global stakes of our support for Ukraine
She writes that one-third of Ukraine's labor force is dedicated to feeding the world. Putin's war has contributed to global food inflation, which is causing new waves of migration. The situation will only get worse if Putin wipes Ukraine as a sovereign state off the map.
U.S. economic support is essential to counter Russia's offensive. First, economic aid helps Ukrainians fight, as every penny of their tax revenue goes to their military.
It is worth noting that American allies and partners bear the greatest weight. Together, they provide Ukraine with twice as much economic aid as the United States. Indeed, this year, the EU wants to support Ukraine with additional aid in the amount of 54 billion dollars
Second, U.S. economic support for Ukraine is a force multiplier. Support for Ukraine in the International Monetary Fund's program creates additional support from donors around the world. The $11.8 billion request from the U.S. Congress will help leverage nearly three times that amount from other donors.
Third, U.S. economic assistance creates the basis for the highest return on investment in terms of government revenue for Ukraine.
Think about the Black Sea. If we can bring together infrastructure, defense and private sector investments, we can help Ukraine increase its grain and steel exports to 8 million tons per month, which could add up to $5 billion a year to Ukraine's state treasury, in turn reducing the country's dependence on international support
Fourth, U.S. support will transform the post-Soviet legacy of corruption into a competitive, free-market future that looks to the West.
