Zelenskyy calls for a Marshall Plan-style coalition to rebuild Ukraine
Photo: Ukrainian President Volodymyr Zelenskyy (Getty Images)
Rebuilding Ukraine could take the form of a coalition of international partners, modeled after the Marshall Plan. This would support economic growth and infrastructure modernization, says Ukrainian President Volodymyr Zelenskyy at the Ukraine Recovery Conference in Rome.
"We need to build a coalition for recovery. Let this be the moment we start it. We know what Russia has destroyed, and we know what it will take to rebuild Ukraine, Ukrainian people, our lives," the President emphasized.
Zelenskyy noted that a systematic approach is needed to start, specifically a coalition with clear leadership.
"Countries and companies that can lead and bring others with them. And we also need a clear recovery plan. Think of the role the Marshall Plan played in rebuilding and transforming Europe. That's why Europe enjoyed peace and economic growth for so many decades," he said.
At the same time, the Ukrainian President stressed that there is now a real opportunity to launch a new wave of progress.
"We need a Marshall Plan-style approach, and we should develop it together. Rebuilding Ukraine is not about just our country, it’s also about your countries, your companies, technology, your jobs, the way we rebuild our country can also modernize your infrastructure and industries," he explained.
Afterward, Zelenskyy asked European partners to support the recovery coalition and help define specific financing mechanisms.
Marshall Plan for Ukraine
Earlier today, US Special Envoy to Ukraine Keith Kellogg also mentioned the Marshall Plan.
He said international partners should help Ukraine rebuild after the war by introducing a new Marshall Plan for the country.
The Marshall Plan was an economic aid program for Western European countries after World War II. It was initiated by the United States in 1947.
Its official name was the European Recovery Program (ERP). The initiator was US Secretary of State George Catlett Marshall, after whom the plan was named. It was announced on June 5, 1947, in Marshall's speech at Harvard University.
According to the National Bank of Ukraine, the probability of quickly implementing a large-scale reconstruction plan for Ukraine (akin to the Marshall Plan) currently stands at less than 15%. The National Bank of Ukraine did not include this scenario in its baseline macroeconomic forecast.
