Economic security of Ukraine in the context of modern challenges and threats

The most expensive programs are the restoration and modernization of housing and infrastructure of the regions, which will require 150-250 billion dollars, as well as the expansion and integration of logistics with the EU, which will cost 120-150 billion dollars. The need for energy independence and the green course reaches 150 billion dollars. 60-80 billion dollars will be needed for macro-financial stability, 75 billion dollars for ensuring competitive access to capital. 50 billion dollars are needed for the development of value-added sectors of the economy, and the same amount for the defense sector. Among other large-scale programs are the restoration and modernization of social infrastructure and the development of cultural and sports systems, the financing of which is estimated at 20-35 billion dollars each [24].

In general, foreign partners have pledged to provide Ukraine with almost $34 billion in financial support in the form of grants, loans and credit guarantees. 12.7 billion dollars of this amount have already reached the state budget of Ukraine. Only a third of the promised funding is a grant, that is, one that Ukraine will not have to pay back in the future. Grants do not increase our debt burden and are the most effective financial support for Ukraine. The largest financial donors to Ukraine are the European Union and the United States, which together promised to provide Ukraine with financial support of more than 10 billion dollars each. However, it should be taken into account that the structure of this support is different: if 90% of the US aid is in the form of grants, then almost all the money promised by the EU is in loans. Even if the terms of the loan are favorable, sooner or later it will have to be returned [25].

On July 25, 2022, the Council of the European Investment Bank, with the support of the European Commission, approved the allocation of 1.59 billion euros of EU financial assistance to Ukraine. These funds are provided "to help Ukraine repair the most necessary damaged infrastructure and restore critical projects aimed at meeting the urgent needs of the Ukrainian people." This is the second package of support for Ukraine within the framework of Emergency Solidarity Measures with Ukraine from the EIB, developed in close cooperation with the European Commission.

This is a continuation of an emergency financial support package of 668 million euros, which was fully disbursed within a month of the start of full-scale war. Like the first package, this financing is offered on favorable terms, including long-term credit terms. This aid package is part of the EIB's Emergency Solidarity Measures with Ukraine, prepared in cooperation with the European Commission.

The aid package consists of two blocks:

--Immediate financial support in the total amount of 1.05 billion euros. It will contain advance payments for eight existing financial contracts. This will help the Ukrainian government cover priority short-term financing needs, provide support to strategic state-owned enterprises, ensure immediate repair of damaged infrastructure, restore the provision of disrupted utility services, and support urgent energy and energy efficiency measures in preparation for the heating season.

-- Resumption of implementation of EIB-financed projects in Ukraine for a total amount of EUR 540 million where possible, with the exception of areas of active hostilities and territories not under the control of the Ukrainian government. The selected projects will be related to energy, energy efficiency, roads, transport, education and infrastructure, as well as reconstruction and rehabilitation programs. The exact timing of these payments will depend on the progress of the selected projects [26].

The Bureau of Economic Security also operates in Ukraine, the main tasks of which are:

--identification of risk zones in the economic sphere by analyzing structured and unstructured data;

--assessment of risks and threats to the economic security of the state, development of ways to minimize and eliminate them;

--provision of proposals for amendments to normative legal acts on the elimination of prerequisites for the creation of schemes of illegal activity in the economic sphere;

--ensuring the economic security of the state by preventing, detecting, terminating, and investigating criminal offenses affecting the functioning of the state's economy;

--collection and analysis of information about offenses affecting the economic security of the state, and determination of ways to prevent their occurrence in the future;

--planning measures in the field of combating criminal offenses assigned by law to its jurisdiction;

--detection and investigation of offenses related to the receipt and use of international technical assistance;

--drawing up analytical conclusions and recommendations for state bodies in order to increase the effectiveness of their management decisions regarding the regulation of relations in the economic sphere [27].

In June 2022, more than 20 representatives of various institutions participated in the online meeting of the Working Group on Support for the Development of the Economic Security Sector of Ukraine. Among them are representatives of the Secretariat of the Cabinet of Ministers of Ukraine, the Consultative Mission of the European Union, the International Monetary Fund, the Representation of the European Union in Ukraine, the Ministry of Finance, the office of the criminal police and the Customs Service of Germany, representatives of more than 10 embassies in Ukraine. The participants identified the basic needs for strengthening the economic security of the state and the introduction of innovative approaches to the prevention of phenomena that affect economic security. Based on the results of the meeting, the parties agreed to enshrine in the Protocol the initiative to create a Sectoral Working Group to support the development of the economic security sector of Ukraine and to continue cooperation [27].

It should be noted the importance of Ukraine's international security cooperation with NATO, in particular within the framework of the Comprehensive Assistance Package. The mechanism of cooperation is implemented by supplying Ukraine with non-lethal international technical assistance, training personnel, and organizing the treatment of seriously wounded Ukrainian soldiers.

In May 2022, Ukraine participated in a meeting of the Committee on Economic and Security Affairs of the Parliamentary Assembly of the North Atlantic Alliance, which discussed the post-war reconstruction plan of Ukraine, the macroeconomic situation and wartime economic policy, as well as Ukraine's further cooperation with the Alliance [28].

The Russian invasion of Ukraine and the deployment of Russia's full-scale aggression against Ukraine have particularly negative consequences for Ukraine's economic security. At the same time, it is worth noting that these new challenges will concern not only Ukraine, but also other countries and regions of the world. The situation in Ukraine caused by the Russian invasion has caused a humanitarian crisis, worsened food and energy security, and raises questions about the global security architecture. Finding both short-term and long-term solutions to ensure that these consequences do not lead to regional and global catastrophes is therefore an urgent issue [29].

The Russian invasion of Ukraine was a turning point for world security, the international economy, and the global energy architecture. This new type of hybrid war, with its severe humanitarian crisis, cyber attacks and economic hardship, as well as disinformation and propaganda campaigns, geopolitical tensions over energy supplies, and the threat of nuclear war, will have far-reaching consequences [29].

The prospects for the further impact of the war and the economic security of Ukraine and the economic prospects for the development of the European region depend on how the ongoing conflict will develop. If it is settled in the coming months, the damage can be contained and recovery can begin. A longer conflict could lead to increased human casualties and economic costs, increased political uncertainty, fragmentation of regional integration and destruction of important trade and investment links [30]. Therefore, the elimination of the main threat - russian military aggression on the territory of Ukraine - is a priority task of ensuring the national security of Ukraine.

Conclusions

Ensuring the appropriate level of economic security of the state is one of the prerequisites for sustainable development, the realization of one's own national interests, and increasing its competitiveness. In the conditions of a full-scale military invasion of Russia on the territory of Ukraine, the issues of protecting Ukraine's national economic interests and ensuring its economic security have become particularly acute.

The economic security of Ukraine is designed to ensure the stability of the economy to modern threats and challenges, to form the foundations for sustainable economic growth and post-war reconstruction of Ukraine.

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