Ukraine has embarked on an economic transition the outcome of which will determine the country’s future. Other states have traveled this path already, but not in conditions as challenging as the ones we face. We are burdened with a legacy that includes 74 years of totalitarian rule and dysfunctional command economics, 19 years of inadequate reforms and sclerotic leadership and four years of outright kleptomania under former President Yanukovych. Critically, Russia’s undeclared war has caused humanitarian and economic devastation on a vast scale.

The conditions for launching a program of reform designed to create a modern, free and prosperous European democracy could hardly be less auspicious, yet that is precisely what we have chosen to do. Without modern weapons to defend ourselves and financial resources to overcome our severe economic crisis, we are taking control of our own fate by dismantling the structures of post-Soviet corruption that have held Ukraine back and creating a new path of development based on private enterprise, competitiveness, transparency and the rule of law. We are confident of success because we have a President, Government and coalition majority in the Parliament committed to reforms, backed by an active and vocal civil society that is no longer willing to settle for the old status quo. To succeed, our reforms must be swift and bold.

Nothing has done more to distort the economic and political priorities of Ukraine since independence than a corrupt and inefficient energy sector. That is why we have made it a priority target of reform. We have slashed the deficit of our state-owned energy monopoly, Naftogaz, from about $10bn to $1.5bn in just one year and plan to eliminate that deficit by the end of 2016. We have achieved this major improvement in financial performance by reducing energy consumption, improving efficiency and diversifying supply to receive almost two-thirds of our gas imports from the EU. New legislation has been adopted to unbundle Naftogaz and bring Ukraine into line with the competition rules of the EU’s Third Energy Package. We are also stamping out graft by eliminating the past practice of opaque intermediary companies. We have just increased residential gas tariffs by 450% and are introducing tailored energy subsidies to the most vulnerable. This will massively improve energy efficiency, end unacceptable corrupt arbitrage schemes and provide support to those in need instead of the wealthiest and largest gas consumers. Vital changes that have been talked about for years are finally happening.

Our fiscal reform plan aims to broaden the tax base and share the burden more fairly, while rewarding entrepreneurship with a more business-friendly tax system. We are doing this by bringing commercial activity out of the shadow economy with payroll tax breaks and reducing the number of taxes from 20 to 11. We are ensuring that everybody pays their fair share by closing fiscal loopholes and getting rid of transfer pricing. A new electronic VAT system has been introduced to increase transparency and reduce fraud, which cost the government upwards of $1 billion last year. We are also embarking on a fresh and holistic review of our tax policies and administration to encourage both domestic and foreign businesses to invest in Ukraine again.

Strengthening the rule of law is at the core of our reform program. In the financial sector, we have adopted legislation to rescue failing banks quickly and reduce the exposure of our financial system to fraudulent third-party transactions and insider deals. It will now be easier to prosecute and recover assets from bank owners and those involved in financial crimes, while protecting depositors. We have set up a new National Anti-Corruption Bureau, independently appointed and fully funded at Western salary levels, to investigate corruption by government employees, public officials and private legal entities. In addition, we have started reforming our police forces and judicial system. Many more fundamental structural reforms have been implemented and even more are to be enacted in the coming weeks and months.

We greatly appreciate the support we have received from the EU, the US, the IMF and other international partners, underpinning our financial stability with significant multilateral and bilateral aid. Private creditors also need to play their part by agreeing a debt restructuring deal that ensures our long-term financial sustainability. Although existing levels of assistance are helping Ukraine to overcome the current crisis, they will not be sufficient to enable us to fully recover and flourish. For that we are going to need more political and economic support in the form of bilateral loans, humanitarian assistance and help to modernize and strengthen our defense capabilities. We will also need additional private sector investment in key segments of our economy such as energy, agriculture and infrastructure. Last but not least, we believe it is crucial that the EU maintains sanctions until Russia complies with its international obligations. Full implementation of the Minsk II agreements is key to a lasting peace.

Acting now to support Ukraine and the Ukrainians who are building prosperity and stability is a wise long-term investment for the EU. It is in no one’s interest to risk the prospect of a failed state in the heart of Europe. Ukrainians today are giving their lives to protect Europe and defend freedom and democracy. If, on our continent, we fail to defend the values that are the bedrock of European civilization, what kind of world will we be living in tomorrow?

Natalie Jaresko is the finance minister of Ukraine. Follow her on Twitter @n_jaresko.

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