Perception of Ukraine’s anti-corruption reforms as a factor of trust for international investors and donors

Abstract

Corruption remains a significant obstacle to Ukraine's socio-economic development, undermining the confidence of international investors and donors ˗ a particularly pressing issue in war and reconstruction. Purpose. The study aims to analyze the impact of Ukraine’s anti-corruption reforms on the trust of international investors and donors and identify the key challenges in implementing anti-corruption policies during wartime. Methods. The research employs a systematic approach, comparative analysis, statistical generalization, analysis of legal acts, and a review of recent academic studies. The empirical analysis is based on data from international organizations, reports of the Ukrainian government, and international donor platforms. Results. The study demonstrates that anti-corruption reforms are key to securing international financial support and attracting foreign investment to Ukraine. Despite establishing new anti-corruption institutions (NABU, SAPO, HACC), ensuring the independence of the judiciary remains a significant challenge that undermines trust in the effectiveness of anti-corruption efforts. The dynamics of Ukraine’s Corruption Perceptions Index for 2013–2024 and the structure of international financial aid for 2024 are analyzed. The role of international partners in supporting reforms, particularly through the Ukraine Facility and the Multi-agency Donor Coordination Platform, is highlighted. The paper also presents recommendations for further strengthening anti-corruption mechanisms. Conclusions. The effectiveness of anti-corruption reforms in Ukraine, particularly in the judiciary, public administration, public procurement, and corporate governance, directly affects the level of trust from international donors and investors.Sustainable results require transparency, accountability, and political independence of anti-corruption bodies and the judiciary. Under wartime conditions, efficient management of international aid through reliable governance mechanisms and strict monitoring becomes critical.