Government grants – Grantstation Trendtrack http://grantstation-trendtrack.com/ Thu, 24 Nov 2022 04:09:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://grantstation-trendtrack.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Government grants – Grantstation Trendtrack http://grantstation-trendtrack.com/ 32 32 Daniel Andrews, Matthew Guy campaign in the last days; Release of VEC early voting figures; John Pesutto denies Liberal Party leadership ambitions https://grantstation-trendtrack.com/daniel-andrews-matthew-guy-campaign-in-the-last-days-release-of-vec-early-voting-figures-john-pesutto-denies-liberal-party-leadership-ambitions/ Thu, 24 Nov 2022 03:53:18 +0000 https://grantstation-trendtrack.com/daniel-andrews-matthew-guy-campaign-in-the-last-days-release-of-vec-early-voting-figures-john-pesutto-denies-liberal-party-leadership-ambitions/

Labor is promising a $1 billion surplus at the end of the next term if it wins the election despite another $3.3 billion in campaign spending announcements, according to a final tally of government spending pledges.

In a final address to voters ahead of Saturday’s election, Treasurer Tim Pallas said all Labor Party campaign ads had been fully funded, “giving a massive boost to the economy without privatizing, increasing net debt or introduce new taxes”.

Victoria Treasurer Tim Pallas predicts a surplus by 2025-26.Credit:age

But the figures, which have been independently verified by the Treasury, reveal that the politically crucial forecast of the 2025-26 surplus is being achieved entirely by plundering the budget’s rainy day contingency reserve, which is designed to insulate the budget from economic shocks and skim the cash for other contingencies. events.

The tally shows 89 spending and saving initiatives announced by Labor during the campaign, worth a collective $3.27 billion over the next five years.

After factoring in new spending announced since the Treasury’s pre-election budget update released at the start of the campaign, Labor estimates the state is on track to run a $10.2 billion deficit. this exercise.

But he predicts that the state’s precarious financial situation will improve quickly, with a deficit of $3.6 billion expected for 2023-2024, then a relatively narrow deficit of $534 million the following year.

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Labor believes the state’s financial fortunes will have turned around in 2025-26, with a forecast surplus of just over $1 billion.

If delivered, it would finally start to pay down Victoria’s huge public debt, which is expected to reach around $166 billion by June 2026, equivalent to around a quarter of the total value of the economy of State.

Today’s tally shows that the budget would, in fact, remain in deep deficit were it not for the $1.1 billion “drawdown” of hollow log contingencies built into the budget.

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What is an index fund? – Advisor Forbes Australia https://grantstation-trendtrack.com/what-is-an-index-fund-advisor-forbes-australia/ Mon, 21 Nov 2022 07:43:24 +0000 https://grantstation-trendtrack.com/what-is-an-index-fund-advisor-forbes-australia/

As stated above, index funds are a type of mutual fund. Like all mutual funds, when you buy shares in an index fund, you’re pooling your money with other investors to own a share of the company. With an index fund, the pool of money is used to buy a portfolio of assets that replicate the stocks of a target index. Dividends, interest and capital gains are paid regularly to investors.

The fund manager adjusts the share of assets in his portfolio to match the index. In doing so, the fund’s return should match the performance of the target index, before accounting for fund expenses.

Why index weighting is important for index funds

Indices use different weighting strategies to track their underlying assets, and the choice can have a big impact on the performance of an index fund. A price-weighted index takes into account the market price of each asset: the most expensive assets have a higher share in the index than the less expensive assets. The Dow Jones Industrial Average (DJIA) is a price-weighted index: the price per share of each company tracked by the DJIA determines its weight in the index.

During this time, a market capitalization weighted index considers the market capitalization of each asset – the total money invested in the asset, or the so-called market capitalization – to determine its share in the index. The ASX 200 is a market capitalization-weighted index: the market capitalization of each constituent company determines its weight in the index.

Why is this important? A fund that tracks a price-weighted index must adjust its portfolio holdings more frequently, as market prices fluctuate, to track its target index. With a market cap weighting, there is less need to buy and sell to keep the fund aligned with its objective. However, large capitalization assets can have an outsized impact on the performance of the index and any fund based on it.

A equal weight index gives equal weight in its calculation to every asset it tracks, regardless of its price or market capitalization, large or small. For an index fund, this means that no holding has a disproportionate impact, positive or negative, on performance.

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ARC grants radio spectrum to media and broadcasters for World Cup https://grantstation-trendtrack.com/arc-grants-radio-spectrum-to-media-and-broadcasters-for-world-cup/ Fri, 18 Nov 2022 19:36:00 +0000 https://grantstation-trendtrack.com/arc-grants-radio-spectrum-to-media-and-broadcasters-for-world-cup/

Doha: The Communications Regulatory Authority (CRA) has granted all broadcast and media rights holders the radio spectrum that enables more than 3.5 billion expected viewers to tune in to unique official coverage of the FIFA World Cup Qatar 2022 on TV, digital platforms and public screens.

The tournament’s spectrum management service provider, CRA, has engaged with 120 media rights holders and media agencies over the past few months, in addition to 59 host country broadcasters, other non-licensed media agencies rights, press and photography.

In addition, the CRA has allocated over 2,900 radio frequencies to all parties.

CRA also provided the spectrum needs of the country’s crucial sectors, such as the military, security, commercial and other sectors; in turn benefiting the International Federation of Association Football (FIFA) and its contractors, service providers, commercial affiliates and broadcasters.

CRA has met FIFA’s spectrum requirements to enable the use of football technology and innovation, which will play a vital role in match management and analysis. Among these technologies is semi-automated offside technology, which will be used as technology adopted by FIFA for the first time in World Cup history to help determine offside cases.

Additionally, Video Assistant Referee (VAR) technology will be used for the second time in World Cup history, and Goal-Line (GLT) technology will be used for the third time. Additionally, live player and ball tracking technology will be used in the tournament, in addition to wireless communication technology between referees, which all require their own radio frequencies which have been allocated by the ARC to be used exclusively for the FIFA World Cup Qatar 2022. .

All matters relating to the use of radio spectrum in Qatar are governed and managed by ARC. The ARC is the responsible authority for the development of a comprehensive spectrum plan for the FIFA World Cup Qatar 2022, in accordance with Decree Law No. (34) of 2006, promulgating the Law on Telecommunications as amended by Act No. (17) of 2017, and the Telecommunications Act. Stopped.

This responsibility is part of the guarantee provided by the Government of Qatar to FIFA in support of Qatar’s bid to host this event.

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Financial watchdog would have better access to SA firm documents under proposed law change https://grantstation-trendtrack.com/financial-watchdog-would-have-better-access-to-sa-firm-documents-under-proposed-law-change/ Wed, 16 Nov 2022 06:47:10 +0000 https://grantstation-trendtrack.com/financial-watchdog-would-have-better-access-to-sa-firm-documents-under-proposed-law-change/

South Australia’s independent financial watchdog is said to have greater access to cabinet documents under new laws introduced in state parliament by the opposition.

Last month, Auditor General Andrew Richardson revealed his request to see cabinet papers linked to $133 million in grants for local sport and community infrastructure had been rejected by the South Australian government.

Under the proposed legislative changes, Opposition Leader David Speirs said the current government would not be able to refuse such requests and the measures would be retroactive.

“It is increasingly the standard that is being set for the level of independent scrutiny and scrutiny of government decision-making and cabinet decision-making,” Mr. Speirs said.

In October, the Western Australian government introduced similar legislation in its parliament.

When asked at a parliamentary hearing last week whether South Australia should follow suit, Mr Richardson said ‘yes’.

“There shouldn’t be anything to hide here. It will increase transparency,” Mr Speirs said.

“Most importantly, it will increase community confidence that the government is relying on the right evidence and following the right principles and processes in order to make sound decisions.”

Opposition Leader David Speirs says there should be nothing to hide. (ABC News)

With the current process, it is up to the Prime Minister to give final approval to any request from the Auditor General to see current cabinet documents.

When previously asked why he denied Mr Richardson the opportunity to see the records, Prime Minister Peter Malinauskas cited Cabinet confidentiality as the reason, adding that it was a principle “that, in our view, deserves to be preserved”.

Transport and Infrastructure Minister Tom Koutsantonis did not believe it was possible to change the laws.

‘The Westminster system is based on the election of a cabinet which can have its deliberations only for members of the cabinet,’ he said today.

“They [the Liberals] have been in government for four years. And when they were in power for four years, just six months ago, they didn’t make these legal changes.”

In his annual report, Mr. Richardson found that decisions about the two grant programs were made outside of the public sector framework and that there were no government documents that capture the assessment processes used to determine the beneficiaries or the value of the grants.

A sign for the SA Office of Recreation, Sport and Racing sits outside a building
The SA Office of Recreation, Sports and Racing says it has not assessed the $84 million in sports club upgrade grants allocated in the state budget.(ABC News: Ben Pettitt)

In June, ABC News first reported how the new Labor government used grants in the state budget to pay for $84.4 million in upgrades promised ahead of the national election.

The vast majority of the funds went to projects in electorates held or targeted by Labor in the March election, prompting accusations of bullshit and questions about a potential conflict of interest.

The government department that usually assesses these grants was also bypassed after Labor took office.

Needed crossbench support

The Opposition Reform Bill has made it to the Legislative Council, where the Liberals need cross-support for it to pass.

Greens MLC Robert Simms said it was “very concerning” that the auditor general was denied access to the documents.

“The Greens will be looking closely at what the opposition is offering here,” Mr Simms said.

“More transparency is always a good thing. Sunlight is the best disinfectant.”

A man with a 3 day beard and short hair
Greens MLC Robert Simms says more transparency is a good thing.(ABC News: Che Chorley)

ABC News understands that SA Best has not yet been notified of the bill.

Even if the opposition can find a way to get the bill passed through the upper house, it is unlikely to make it through the House of Assembly, where the government has a comfortable majority.

In a parliamentary hearing, Mr Richardson said he requested 178 cabinet documents under the previous government.

A total of 154 documents were received in full, while another 24 were refused or not received.

His requests for seven documents from the current government have all been denied.

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LandBank pledges full support to accelerate Pasig City’s digital momentum https://grantstation-trendtrack.com/landbank-pledges-full-support-to-accelerate-pasig-citys-digital-momentum/ Sun, 13 Nov 2022 16:15:32 +0000 https://grantstation-trendtrack.com/landbank-pledges-full-support-to-accelerate-pasig-citys-digital-momentum/

THE Land Bank of the Philippines (LandBank) has announced that it fully supports the acceleration of Pasig City Government’s digitization push towards the effective delivery of responsive public services in the city.

LandBank said President and CEO Cecilia C. Borromeo met with City of Pasig Mayor Victor Ma. Regis “Vico” N. Sotto last November 7 to discuss potential partnerships to digitize local processes and promote contactless payments in public procurement and transport.

The executives discussed providing local market vendors with e-wallets, such as the versatile all-in-one mobile payment app LandBankPay, for more efficient and convenient payment for goods.

“The city may also consider implementing the automated fare collection system [AFCS] for commuters using LandBank contactless prepaid cards for convenient and secure cashless payments in public commercial vehicles [PUVs]with the LGU willing to provide free rides to Pasigueños.

LandBank said it is currently providing the city government of Pasig with digital banking services designed to improve its operational efficiency. These include the lender’s “Link.BizPortal” which allows residents to pay their property taxes, business licenses and other financial obligations to the city government anytime and anywhere, without having to physically queue. at the town hall.

LandBank said it and the Pasig City LGU are also working closely together for the efficient and convenient distribution of cash assistance to local seniors and college students. Beneficiaries receive their cash grants in a timely manner from the city government through LandBank payment cards.

Recipients can withdraw their cash grants free of charge at 78 Landbank ATMs or through ATMs at 11 LandBank branches in Pasig City, as well as ATMs at nearby 7-Eleven convenience stores. LandBank payment cards can also be used to make cashless purchases at grocery stores, pharmacies, and other accepting merchants through point-of-sale terminals.

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Sweden ditches free admission to its state museums and slashes $91.4 million from its cultural budget https://grantstation-trendtrack.com/sweden-ditches-free-admission-to-its-state-museums-and-slashes-91-4-million-from-its-cultural-budget/ Thu, 10 Nov 2022 20:03:38 +0000 https://grantstation-trendtrack.com/sweden-ditches-free-admission-to-its-state-museums-and-slashes-91-4-million-from-its-cultural-budget/

The Swedish government cut its 2023 budget for culture by SEK 1 billion ($91.4 million) and scrapped free admission to its state museums in response to the economic downturn.

Sweden’s new cultural budget is SEK 9.033 billion ($845 million) from last year’s SEK 10.133 billion ($970 million), with the drop partly reflecting the end of support for the Covid-19 recovery. 19.

Removing government subsidies that allow free admission to its state museums represents a reduction of SEK 99 million ($9.2 million).

“It’s a tough budget, it’s a budget full of priorities,” Swedish Culture Minister Parisa Liljestrand said, according to Dagens Nyheter.

Acknowledging that the sector was still overcoming the effects of the pandemic, she said: “We are seeing a recovery, we are seeing a drop in unemployment, but we still haven’t returned to [pre-pandemic] levels.” Liljestrand added that she would have liked more cultural support than the government has allocated to her.

In 2022, the government increased investment in libraries and art schools, both of which will be halved in 2023. The new budgets are SEK 75 million ($7 million) and SEK 100 million, respectively. ($9.4 million).

Also speaking to Dagens Nyheter, the country’s former culture minister and chair of the culture committee, Amanda Lind, called the announcement “a massacre of the culture budget”, adding that it signaled “that the government does not consider culture worth investing in.”

New investments are, however, being made in special grants and scholarships for artists and creatives, amounting to SEK 40 million ($3.8 million) in 2023 and SEK 30 million ($2.8 million ) in 2024 and 2025. This is in line with the recent “Tidö agreement”, the result of a special negotiation on October 14 between four right-wing political parties following the 2022 Swedish general election.

Although not directly mentioned in the budget, another proposal under the “Tidö agreement” to establish a Swedish cultural canon with the help of special expert committees also seems to be moving forward. .

The news in Sweden comes shortly after the UK government announced major cuts in public funding for cultural venues in Londonin favor of the support of a greater number of regional artistic institutions.

More trending stories:

In a ‘once in a lifetime’ find, Swedish archaeologists have unearthed a cache of Viking silver that still looks like new

Sarah Biffin, the famous Victorian miniaturist born without hands, is now getting her first big show in 100 years

Disgraced antiques dealer Subhash Kapoor has been sentenced to 10 years in prison by an Indian court

It took eight years, an army of engineers and 1,600 pounds of chains to bring artist Charles Gaines’ deep meditation on America to life. Now it’s here

“I will have great shows posthumously,” said Hedda Sterne. She was right – and now the late artist is getting the recognition she deserved

Click here to see our latest Artnet auctions, live now

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Want to stay one step ahead of the art world? Subscribe to our newsletter to receive breaking news, revealing interviews and incisive reviews that move the conversation forward. ]]> Mid-Ohio Valley Climate Corner: It’s time to end the unhealthy relationship with fossil fuels | News, Sports, Jobs https://grantstation-trendtrack.com/mid-ohio-valley-climate-corner-its-time-to-end-the-unhealthy-relationship-with-fossil-fuels-news-sports-jobs/ Sat, 05 Nov 2022 04:31:51 +0000 https://grantstation-trendtrack.com/mid-ohio-valley-climate-corner-its-time-to-end-the-unhealthy-relationship-with-fossil-fuels-news-sports-jobs/

I like fossil fuels. They have heated my various homes over the years, brought me to my office every day during my working life, taken me on several exciting vacations, and given me lots of petroleum products for my home. But it’s time to end my friendship with fossil fuels and, I hope, with others too.

What drives me to end this friendship is climate change. The oceans are rising, warming and becoming more acidic; the glaciers are retreating; droughts and forest fires are becoming more severe; the atmosphere is warming; and extreme weather brings us more and more death and devastation. We can see the effects locally – the average temperature in West Virginia has risen to 55 degrees from 1950 to 2021. 97% of scientists agree that human activity is the cause of these compelling observations about our climate.

One of the ways to end this friendship with fossil fuels is to eliminate or reduce government subsidies to these forms of energy.

Those who generally oppose government intervention in the free market have asserted that our federal government supports renewable energy sources and that without such support markets would not bear these costs of investing in solar and wind turbines. In his book, “To save us” Evangelical climatologist Katharine Hayhoe describes the massive support our government has provided and continues to provide to the fossil fuel industry.

The United States is second only to China in supporting these industries. These government aids come in the form of tax breaks and cash grants, such as exploration grants. The cost of these direct subsidies amounts to 20 billion dollars per year (20% for coal and 80% for oil and gas). The Environmental Energy Study Institute (2019) estimates the total cost of fossil fuel subsidies to be $5.3 trillion when negative externalities, such as carbon emissions and health costs, are taken into account. Direct subsidies include drilling cost reductions, depletion percentage, clean coal investment credit. Indirect costs include foreign tax credits, mass limited partnerships (to exempt energy companies from corporation tax), and the national manufacturing deduction. The industry also benefits from lower than market value for oil and gas extraction on public lands.

Additionally, our government, through its military, invests millions of dollars in the protection of oil and gas resources in places like the Middle East and the Gulf States. We are compromising our important human rights values ​​with the support of oil-rich countries like Saudi Arabia.

The fossil fuel industry is trying to pitch natural gas as a vital bridge to help utilities transition from coal-fired power to cleaner energy sources. What they are saying is that gas-fired power plants can support wind and solar power that works intermittently. But battery technology is advancing rapidly to fill this gap, as is smart grid technology to move electricity from where the sun shines and where the wind blows to where they don’t.

The continuation and expansion of natural gas extraction, particularly through hydraulic fracturing (i.e. fracking) in this region, means for places like Washington County, Ohio, more waste . Washington County leads the state in toxic and radioactive brine waste injection. Many county residents have spoken of brine waste, “Enough is enough!” We do not want to subsidize this industry disproportionately and unfairly.

People concerned about climate change say plans to massively expand oil and gas resources, in this time of high prices, could essentially lock us into a world of high greenhouse gas emissions and accelerating climate change. climate change (methane from natural gas is 80 times more potent in the short term as a greenhouse gas than CO2). If the industry were to implement these fossil fuel investments, the climate impact, including methane leaks, would exceed that of any coal-fired power plants under construction or in pre-construction planning, according to a Global Energy Monitor 2021 report.

With the help of these government subsidies, US energy companies are expanding gas production and transmission capacity to reach world markets. The effect of these companies will be to reduce the cost of natural gas in other markets, but increase those costs in the United States, which will contribute to high domestic energy prices and inflation.

We need to shift our federal priorities from handouts to fossil fuel companies to a carbon tax coupled with a dividend that goes directly to American taxpayers. By reducing these subsidies and introducing a carbon levy, we can limit our dependence on this fossil fuel and switch to lower cost clean energy alternatives like solar and wind power and adopt energy efficiency practices. Such a strategy will improve the environment, our collective health and our bank accounts.

***

George Banziger, Ph.D., was a faculty member at Marietta College and dean of studies at three other colleges. He is a member of the Green Sanctuary Committee of the First Unitarian Universalist Society of Marietta, the Citizens Climate Lobby, and the Mid-Ohio Valley Climate Action team.




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Commitment to increase the Victorian Homebuyer Fund https://grantstation-trendtrack.com/commitment-to-increase-the-victorian-homebuyer-fund/ Sun, 30 Oct 2022 11:00:46 +0000 https://grantstation-trendtrack.com/commitment-to-increase-the-victorian-homebuyer-fund/

The state government has pledged to add $1.1 billion to the Victorian Homebuyer Fund.

In a statement, the government said the new funding would come on top of the existing $500 million investment in the Equity Equity Scheme which is making home ownership more feasible for many Victorians, including those of Brimbank.

“The fund has so far helped over 2,000 Victorians buy homes with a further 1,000 applicants approved to start house hunting knowing they have a secure funding partner,” the government said.

“Through the share-sharing scheme, eligible participants only need a 5% deposit and the Government of Victoria provides up to 25% of the purchase price of the house, reducing the amount of participants’ mortgage payments and also allows lenders to save on mortgage insurance.

“Participating owners can redeem the government’s share at market value over time, with payments being reinvested to help other aspiring buyers enter the property market. The scheme is open to homes worth less than $950,000 in Melbourne and Geelong, and $600,000 in regional Victoria.

“The new investment will open the door to home ownership for an additional 7,000 people, bringing the total to 10,000.”

The government said more than half of successful owners in the fund are first-time home buyers, who are also eligible for other significant state government grants and stamp duty waivers and concessions.

“To date, the typical member of the Victorian Homebuyer Fund has made an average down payment of $35,000 on a property purchase price of around $650,000, with the Fund contributing $155,000 in share capital”, the government said.

“The Victorian Homebuyer Fund was launched in October last year, and Victoria is working in cooperation with the Commonwealth Government as it prepares its Help To Buy shared capital scheme, which will add to the choices available to families and people.”

The government said the expansion of the fund would be aided by Indigenous Business Australia to support more Aboriginal and Torres Strait Islander participants in the scheme.

Victoria Treasurer Tim Pallas said the fund had been popular because it helped people get into their homes faster with the help of a secure partner.

“Thousands more Victorians will now be able to achieve their dreams with this new injection. Combined with the first owner subsidy and the stamp duty exemption for the first buyer, this can make a huge difference,” he said.

Details: sro.vic.gov.au/homebuyer.

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Grant Robertson on healthcare spending, UK Prime Minister https://grantstation-trendtrack.com/grant-robertson-on-healthcare-spending-uk-prime-minister/ Mon, 24 Oct 2022 19:51:59 +0000 https://grantstation-trendtrack.com/grant-robertson-on-healthcare-spending-uk-prime-minister/

Grant Robertson (file photo)
Photo: RNZ / Samuel Rillstone

Finance Minister Grant Robertson has defended the government’s record on health spending as strained hospital emergency departments grapple with long wait times.

Last week, a person died after leaving the emergency department of Christchurch Hospital during what Te Whatu Ora Waitaha described as “a very busy time”. Upon returning to the emergency room, the person was seen immediately and treated in intensive care, but died the following day.

In June, a woman died after leaving the emergency department at Middlemore Hospital when she was told it would be hours before she could be seen. She returned to the hospital in an ambulance a few hours later after suffering a brain haemorrhage and died the following day.

Emergency care specialists said Middlemore’s emergency department was the busiest in the country, but the overcrowding problem was also seen in other hospitals and different parts of the healthcare system.

“We know emergency services have been under tremendous pressure this winter,” Robertson said. morning report.

“We’ve had staff illnesses as well as volumes of people coming in.

“We have significantly increased the number of doctors and nurses in our system – over 20% increases.”

The government was funding the health system to match the rate of inflation and would continue to do so, he said.

“Healthcare inflation tends to be a bit higher than normal inflation.

“We have increased funding by 40% since taking office.

“We can be quite proud of our health record.”

UK faces ‘economically difficult times’

Robertson said new UK Prime Minister Rishi Sunak appreciated the UK’s relationship with New Zealand and supported the free trade deal.

Sunak will become Britain’s third prime minister in less than two months and will face multiple economic and political crises upon taking office.

His predecessor Liz Truss was toppled after just six weeks in office by his economic agenda that rocked financial markets, drove up the cost of living for voters and enraged much of his own party.

“The UK is going through a very, very tough time economically at the moment… inflation up over 10% and rising, a massive energy crisis triggered by the war in Ukraine,” Robertson said.

“It’s part of a very, very difficult global economic picture and New Zealand is not in a position to protect itself from it.

“We will work closely with a country like the UK, but I don’t think anyone should underestimate the challenges their economy is facing.

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Reviews | Rebuilding Ukraine after the war is vital for the West https://grantstation-trendtrack.com/reviews-rebuilding-ukraine-after-the-war-is-vital-for-the-west/ Thu, 20 Oct 2022 20:07:09 +0000 https://grantstation-trendtrack.com/reviews-rebuilding-ukraine-after-the-war-is-vital-for-the-west/
A building in Donetsk damaged by a Russian attack on October 9.  (Carl Court/Getty Images)
A building in Donetsk damaged by a Russian attack on October 9. (Carl Court/Getty Images)

Comment

Beyond Ukraine’s recent astonishing successes on the battlefield, eight months of war have left the country a physical, financial and economic basket case. Millions of refugees have fled, the country’s gross domestic product has shrunk by about a third, and the government, whose budget has been depleted by war, is running monthly deficits of $4 billion or more – mostly funded by Western subsidies, a lifeline for teachers, pensioners living on pensions and millions more.

Even if Russia pulled out now, Ukraine would remain weakened for years. Before Russian President Vladimir Putin rained missiles on Ukraine’s power plants and other facilities this month, the cost of repairing damage to the country’s critical infrastructure had already been estimated at nearly $200 billion. , according to a study by the Kyiv School of Economics. And that’s just a fraction of the total wreckage caused by Moscow’s indiscriminate attacks.

Rebuilding the country, among the largest in Europe by population and area, will be a generational undertaking. “It’s not every day that you rebuild a whole country,” said Vlad Rashkovan, a former deputy governor of Ukraine’s central bank who now represents the country on the board of the International Monetary Fund.

One question – the $1 trillion question, as some economists estimate – is who will pay for it. The United States and Europe, as well as international banks and development institutions, must assume leading and shared roles.

For Ukraine to succeed, it also needs to be reformed and broadly reinvented as a viable candidate for European Union membership that can wield the influence necessary to effect those reforms. This means that rebuilding Ukraine will depend on more than money and concrete, although heroic amounts of both will be needed. Ultimately, its fate will hinge on a transformation of mindset and governance in a nation notorious for its oligarchs and rampant corruption. Before the filming even stops, the country must launch a sustainable, foolproof and transparent project to transform ministries, markets, courts, businesses and institutions, raising them to democratic and free market standards. Western.

Easier said than done, of course. Pre-war Ukraine aspired to join the EU, in the sense that a C student aspires to gain admission into the Ivy League. Transparency International ranks it third among the most corrupt countries in Europe, behind Russia and Azerbaijan. When a leading proponent of reform in Ukraine was recently asked how corruption is faring in the country after months of war, he replied curtly: “The good thing is that there is no silver.

Ukrainian President Volodymyr Zelensky, rightly considered an inspirational warlord, has been ineffectual at best in his first three years in office in curbing corruption, the very promise that got him elected in 2019. His second prime minister, sacked in 2020, said Mr Zelensky fired him because the government’s own anti-corruption efforts threatened wealthy power operatives close to the president. Hundreds of millions of dollars in public funds and foreign aid have been embezzled in recent years by oligarchs, who have used several thousand Ukrainian state-owned companies as ATMs, with the connivance of the government.

Reforms must begin even as reconstruction and humanitarian efforts accelerate in the devastated towns and cities from which Russian troops have withdrawn. They are essential not only to launch Ukraine on what will be a long road to EU membership – an exceptionally rigorous process – but also to signal to Western governments and multilateral institutions that their aid dollars will not be not washed away by oligarchs and kleptocrats.

Ukraine has begun an impressive reconstruction planning effort – thousands of officials and multiple task forces are drawing up plans to rebuild housing, roads, transportation hubs, factories, communications towers and systems. water and sewage. Its own full-throttle press should be accompanied by an increased international focus on Ukraine’s long-term needs, even as the West rushes in funds, arms and materiel to help wage an existential war against Russia.

Western leaders cannot drag their feet over who will oversee and coordinate the hundreds of billions of dollars that will be needed over time. Among the plausible candidates are the Group of Seven, the World Bank, the European Bank for Reconstruction and Development and the EU itself. Someone has to be in charge, and soon. A good place to start on this issue is Berlin, where an international conference on Ukraine’s reconstruction is scheduled for Tuesday.

At the same time, Ukraine should be aware that Western aid will be heavily conditioned and that the tsunami of grants and subsidized loans hoped for by officials in Kyiv should gradually intensify. This will disappoint some Ukrainians. But it is realistic, given the political and economic pressures in donor countries struggling with energy inflation, nationalism and war fatigue. Pledges for reconstruction in Afghanistan have so far fallen short of the UN target. The EU’s own pledge earlier this year of 9 billion euros to fill Ukraine’s monthly budget shortfalls has so far yielded only a fraction of that amount.

The Ukrainians understandably want the reconstruction project to tap into Russian assets that have been frozen by the West, including $300 billion in Russian Central Bank deposits. No doubt: Moscow should pay war reparations. But legal, financial and political obstacles stand in the way. Even if some Russian assets can be seized or extracted through negotiations to help Ukraine rebuild, it will likely take years.

Other movements can and should happen faster. The West is already sending large aid packages to solve immediate problems beyond the battlefields. In August, the State Department announced an $89 million grant to help deactivate hundreds of thousands of Russian mines scattered over an area larger than Virginia and Maryland combined.

Another key measure is to create an insurance fund, backed by international financial institutions, to promote private sector investment. Without this, companies are unlikely to be able to insure the projects they are considering in Ukraine. Companies generally act faster than international donors; they are essential for creating wealth in a post-war Ukraine.

It is in the vital interest of the West not only to defeat a bloody invasion, but also to fix Ukraine in the long term. Since the Soviet collapse three decades ago liberated Ukraine as an independent country, its anemic institutions, deep-rooted corruption and poor governance have been promoted and exploited by Moscow. The result was a cataclysm.

The best solution now is to revamp Europe’s security architecture, ensuring that Ukraine is reborn as a dynamic and fully modern country – a bulwark against an eastern neighbor that may remain brutal for the foreseeable future.

The post’s point of view | About the Editorial Board

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