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US Ambassador Brink says Ukraine’s reforms positively impact economy amid Russia’s war

The US praised Ukraine’s economic reforms, specifically the new law on corporate governance, said the US ambassador in Kyiv.
byOlena Mukhina
23/05/2024
2 minute read
US Ambassador of Ukraine Bridget Brink. Credit: US Ambassador Bridget Brink/Twitter
US Ambassador Brink says Ukraine’s reforms positively impact economy amid Russia’s war

The US is positively assessing Ukraine’s recent economic reforms and the enactment of a law aimed at enhancing corporate governance. This move, said US Ambassador to Ukraine Bridget Brink, is expected to bolster international capital trust, foster transparency, and ensure greater accountability in managing state assets, according to UkrInform.

Ukraine has implemented numerous significant economic reforms, which have had a positive impact on its economy, especially amid Russia’s war. With growth reaching 5% last year and projected to remain between 3 and 5% this year, the US ambassador added that these numbers are seen as a success for Ukraine.

“I extend sincere congratulations to all who contributed to this truly successful outcome,” a diplomat remarked during the “Corporate Reform—A Path to Transparent and Effective State Asset Management” conference in Kyiv.

Brink emphasized the significance of promoting transparent state ownership through effective management practices and robust corporate governance, citing their proven ability to boost investor confidence, reduce costs, and expedite investments.

The ambassadors also positively evaluated the recent enactment of legislation aimed at improving corporate governance (No. 3587), which further advances Ukraine’s transition from a post-Soviet economy to a transparent and market-driven one.

“The adoption of this law was one of the major priorities in Ukraine’s economic reform agenda. Achieving legislation of such complexity is never easy, particularly amid the ongoing challenges posed by Russia’s large-scale invasion,” noted the ambassador.

“That’s why the corporate governance reform and aligning Ukraine with the Organisation for Economic Co-operation and Development standards are significant and fundamental. Corporate governance will help you strengthen international capital trust, enhance transparency, and ensure accountability in managing state assets,” emphasized the diplomat.

Lastly, the ambassador underscored the importance of Ukraine’s success both on the battlefield and in the economy for the benefit of all Ukrainians and urged the country to continue reforming its governance.

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