Leaders in Attendance at Bank Pekao S.A. Panel Discuss Support for Ukraine

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PR Newswire

DAVOS, Switzerland, Jan. 25, 2023 /PRNewswire/ --

We should provide Ukraine with all the assistance possible.

The reconstruction of the country must not be left solely on the shoulders of the Ukrainians. They are not in a position to face the burden of the destruction that the Russians have inflicted on their country on their own. It is therefore necessary for Polish companies to get involved and support our eastern neighbours. A panel discussion organised at the Polish House in Davos by Bank Pekao S.A. addressed the global challenges of the rebuilding of Ukraine.

Alexander Rodnyansky, an advisor to President Volodymyr Zelenski, explained what kind of assistance Ukraine needs. According to him, it is crucial for aid to be provided both short- and long-term. "From a short-term perspective, the most important issue for us is to receive all the military support possible, as it is vital for the economy to function on a war basis." - Rodnyansky said.

"In the long term our main priorities are the strengthening of democratic institutions and the rule of law, introduction of deregulatory reforms in the labour market, and enhancement of economic freedom. They will be crucial for Ukraine's future integration with the European Union"- Rodnyansky added.

Rebuilding Ukraine will be a significant financial challenge. "The scale of the damage to Ukraine's infrastructure was estimated at 350 billion dollars already back in July last year. Given the circumstances, we can assume that the recovery plan will amount approximately to a sum of 750 billion dollars." – said Oleksandr Kravchenko from the McKinsey & Company office in Ukraine.

The fundamental issue for the Polish banking sector today is determining the way to finance the development business relations between Ukrainian and Polish companies. "Both now and once the conflict is over," emphasised Leszek Skiba, President of Bank Pekao S.A.

To summarise the discussion panel, President Skiba talked about the key task that the sector represented by Pekao is facing in the context of Ukraine's economic recovery. "It is banks that know best where and how to invest the money so that it generates long-term profits and is not wasted due to, for instance, corruption. We, as the Polish banking sector, want to share our knowledge and experience with Ukrainian partners." - he declared.

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