Rebuilding Ukraine after the conflict requires serious financial firepower—we're talking roughly $40 billion every year for at least a decade. That's not a small number.

The real question is where this money comes from. It can't all be government aid or debt. You need domestic capital flowing back in, foreign investors stepping up, and crucially, a framework that doesn't scare them off.

This is where policy matters most. Governments need to nail three things:

First, actual structural reforms. Cut the red tape, make it easier to do business, create predictable rules. Investors hate uncertainty more than they hate risk—at least with risk, you know what you're getting into.

Second, lock in reliable external financing. That means credible partnerships, transparent deals, and mechanisms that protect capital while the economy stabilizes. This isn't just about banks; private capital, development institutions, everything counts.

Third, reduce the noise. Clear communication about where money goes, what ROI looks like, when stability returns—this builds confidence.

Without these moves, you're looking at a decade of sluggish recovery. Get it right, and capital starts flowing naturally. The math is simple: policy shapes capital behavior.