Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
Ukraine lays out $750B ‘recovery plan’ for postwar future
Ukrainian President Volodymyr Zelenskyy, delivers a speech by video conference during the Ukraine Recovery Conference URC, Monday, July 4, 2022 in Lugano, Switzerland. The URC is organised to initiate the political process for the recovery of Ukraine after the attack of Russia to its territory. (Alessandro della Valle/Keystone via AP)
Latest News
July 4, 2022

Ukraine lays out $750B ‘recovery plan’ for postwar future

LUGANO, Switzerland (AP) — Ukrainian President Volodymyr Zelenskyy said Monday the reconstruction of his war-battered country is the “common task of the entire democratic world,” as his prime minister laid out a $750 billion recovery plan once the guns of Russia’s invaders fall silent one day.

As Russian forces continued their crushing advance in Ukraine’s eastern Donbas region, Zelenskyy spoke by video message to the Ukraine Recovery Conference in Switzerland about the needs of the country that has been on an up-and-down march toward democracy since the end of the Cold War and now faces widespread devastation.

“The reconstruction of Ukraine is not a local project, is not a project of one nation, but a common task of the entire democratic world — all countries, all countries who can say they are civilised,” Zelenskyy told hundreds of attendees in Lugano. ”Restoring Ukraine means restoring the principles of life, restoring the space of life, restoring everything that makes humans humans.”

British Foreign Secretary Liz Truss said such a recovery would require a sort of “Marshall Plan” for Ukraine to help it rebuild.

Such ambitions, Zelenskyy said, will require wide-scale construction, funding and security “in all of our country which will be forced to continue living beside Russia.”

The task, which is already under way in some areas that were liberated from Russian forces, aims to leverage outside expertise, government funds and work of Ukrainians to rebuild hospitals, schools, government buildings, homes and apartments — but also water pipes, gas lines and other battered infrastructure.

“Today, we’re all united in our defence. Tomorrow in our reconstruction,” said Ukrainian Prime Minister Denys Shmyhal, who attended in person. He presented a recovery plan that meets immediate needs — even as the war continues — followed by a “fast recovery” when it’s over, and then longer-term requirements.

Shmyhal said the cost of the recovery plan is estimated at $750 billion, and insisted a key source of funding “should be the confiscated assets of Russia and Russian oligarchs.” He cited unspecified estimates that such sums total $300 billion to $500 billion now.

“The Russian authorities unleash this bloody war. They caused this massive destruction and they should be held accountable for it,” Shmyhal said.

Valdis Dombrovskis, vice president of the European Union’s (EU) executive branch, said using such confiscated Russian assets would involve criminal law, so the “legal obstacles” weren’t resolved, “but we think it’s important that according to the principle of ‘aggressor pays’ it’s also Russia’s assets which are directed to the reconstruction of Ukraine.”

Earlier Monday, a leading Swiss nongovernmental group called out Switzerland as a “safe haven” for Russian oligarchs and as a trading hub for Russian oil, grain and coal.

Public Eye urged the Swiss executive branch to “use all levers at its disposal to stop the financing of this inhuman aggression,” a reference to Russia’s war that has killed thousands of people, driven millions from their homes, and rippled through [the] world economy by driving up food and fuel prices.

It said Switzerland has been over the years a “popular refuge” for Russian business magnates to park their assets. The group said firms use Switzerland as an “unregulated commodity trading hub” and exploit a lack of transparency about financial dealings in the country.

There was no immediate response from the Swiss government.

The group welcomed Switzerland’s “humanitarian engagement” for Ukraine through the conference but called on the government to strictly implement international sanctions on Russian elites and their government, and better regulate its trading hub.

Switzerland is a major international financial centre and its government has traditionally touted Swiss “neutrality” — which is enshrined into law — and Switzerland’s role as an intermediary between hostile countries and as a host of many international and UN institutions.

The Swiss Bankers Association has estimated that the assets of Russian clients deposited in Switzerland’s banks total 150-200 billion Swiss francs (about $155-$210 billion), making the country a key repository of Russian money abroad.

Switzerland, which is not a member of the EU, has largely joined the bloc’s sanctions against Russia. The website of the Swiss federal economics department says that as of May 12, a total of 6.3 billion francs have been frozen in Switzerland in connection with Russia’s war in Ukraine.

In its call for transparency and better regulation in Switzerland, Public Eye said that “as a safe haven for oligarchs close to the Kremlin and as a trading hub for Russian oil, grain and coal, Switzerland bears a big political responsibility.”

The conference in lakeside Lugano brings together hundreds of representatives from government, advocacy groups, the private sector, academia and UN organisations — and scores of Ukrainian ministers, lawmakers, diplomats and others. It builds upon a multi-year, multi-country discussion about reform in Ukraine — even before the war began — but this time the focus is “recovery” from the war.

Environmental groups want to help Ukraine build back better. Lobby groups Solar Power Europe and Wind Europe, together with their Ukrainian counterparts, urged Ukraine to set a target of producing at least 40 per cent of its electricity from renewable sources by 2030, bringing it in line with European Union targets.

According to the International Energy Agency, Ukraine generated less than 10 per cent of its electricity from renewable sources in 2019, the last year for which data was published. Most of Ukraine’s electricity comes from nuclear power and burning coal.

A small group of Greenpeace activists staged a media stunt by pretending to set up a fake wind turbine on the banks of Lake Lugano, as part of a call with Ukrainian NGOs to support sustainable energy development in the country whose infrastructure has been widely damaged.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Montego Bay United beat Treasure Beach FC to reclaim JPL lead
Latest News, Sports
Montego Bay United beat Treasure Beach FC to reclaim JPL lead
January 4, 2026
Montego Bay United reclaimed the lead in the Jamaica Premier League on Sunday, holding off Treasure Beach FC 2-1 in their second round game played at ...
{"jamaica-observer":"Jamaica Observer"}
Morgan urges police to stay focused amid ‘campaign’ to undermine 2025 murder reduction gains
Latest News, News
Morgan urges police to stay focused amid ‘campaign’ to undermine 2025 murder reduction gains
January 4, 2026
KINGSTON, Jamaica — Government Senator Marlon Morgan has urged members of the Jamaica Constabulary Force (JCF) to remain focused, professional and mot...
{"jamaica-observer":"Jamaica Observer"}
WATCH: New Year’s Day blaze at business establishment leaves operators, staff in limbo
Latest News, News
WATCH: New Year’s Day blaze at business establishment leaves operators, staff in limbo
January 4, 2026
ST ANDREW, Jamaica — A St Andrew business operator is calling for assistance for his staff following a New Year’s Day fire that gutted his catering ba...
{"jamaica-observer":"Jamaica Observer"}
Gonzalo Garcia hits treble as Real Madrid thrash Betis without Mbappe
International News, Latest News, Sports
Gonzalo Garcia hits treble as Real Madrid thrash Betis without Mbappe
January 4, 2026
MADRID, Spain (AFP) — Gonzalo Garcia bagged a hat-trick for Real Madrid as they beat Real Betis 5-1 on Sunday to stay on La Liga leaders Barcelona's t...
{"jamaica-observer":"Jamaica Observer"}
Daniel John buzzing with ‘Mixed Signals’
Entertainment, Latest News
Daniel John buzzing with ‘Mixed Signals’
January 4, 2026
Fast-rising recording artiste Daniel John has many reasons to smile of late, considering the fact that he has scored a buzzing single. The multi-genre...
{"jamaica-observer":"Jamaica Observer"}
Maduro to appear before judge Monday in New York — court
International News, Latest News, Regional
Maduro to appear before judge Monday in New York — court
January 4, 2026
NEW YORK, United States (AFP) — Venezuela's deposed president Nicolas Maduro is scheduled to appear before a federal judge in New York at noon Monday,...
{"jamaica-observer":"Jamaica Observer"}
Stylo G, DJ Mac go viral with ‘Mukky’
Entertainment, Latest News
Stylo G, DJ Mac go viral with ‘Mukky’
January 4, 2026
United Kingdom (UK) based dancehall star Stylo G has once again captivated the dancehall space with another street banger.  The lyrically potent hitma...
{"jamaica-observer":"Jamaica Observer"}
Liverpool denied by late drama at Fulham, Man Utd held by Leeds
International News, Latest News, Sports
Liverpool denied by late drama at Fulham, Man Utd held by Leeds
January 4, 2026
LONDON, United Kingdom (AFP) — Harrison Reed struck a stunning equaliser for Fulham to salvage a 2-2 draw against Liverpool as both sides scored in st...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct