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Ukrainian Prime Minister Denys Shmyhal speaks during the Ukraine Recovery Conference in London on June 21.HANNAH MCKAY/Reuters

Ukrainian Prime Minister Denys Shmyhal has expressed confidence that his country is on a fast track to join the European Union and NATO within a couple of years.

Mr. Shmyhal spoke at the end of the two-day Ukraine Recovery Conference in London, which had brought together business leaders and representatives from 61 governments to mobilize financial support for Ukraine’s long-term reconstruction.

“I think we are moving very fast,” Mr. Shmyhal told reporters. “We are not thinking about decades or 10 years. We are thinking about nearest times, about nearest years.”

The EU granted Ukraine candidate status a year ago, but joining the 27-member bloc normally requires adhering to a long list of requirements, which usually takes decades to negotiate. As for NATO, Ukraine was invited to join the alliance in 2008, on the condition that it met NATO’s “membership action plan,” which involves making military and democratic reforms.

There were signs during the London conference of growing support among European governments for the speedy addition of Ukraine to the EU and NATO.

Ursula von der Leyen, president of the European Commission, the EU’s administrative arm, told the conference she had “no doubt that Ukraine will be part of our union.”

Ms. von der Leyen offered high praise for Ukraine’s rapid progress on meeting its preaccession commitments to judicial reform, media freedom and fighting corruption. “We in the European Union want to match those efforts and dedication,” she said.

Ukraine’s bid to join NATO has been more controversial. Several members of the alliance, including the United States and Germany, have been reluctant to admit Ukraine over fears it would escalate the war against Russia. The issue is expected to be on the agenda at the NATO summit next month in Vilnius.

At the conference, foreign affairs ministers from Britain and France offered their support for Ukraine to be fast-tracked into the alliance.

“The U.K.’s position is that it would be very, very supportive if we moved on from the membership action plan, recognizing that the offer to both Sweden and Finland did not require that,” British Foreign Secretary James Cleverly told reporters, referring to how quickly NATO moved on applications from those Nordic countries.

Finland formally joined the alliance in April. Sweden’s membership has been held up by Turkey, but that could be resolved after the July summit.

French Foreign Affairs Minister Catherine Colonna was more cautious, but she said the world had changed since 2008, when Ukraine was invited to join. “We are a long way from 2008. Time has passed, the situation is quite different,” she told reporters. “Perhaps we won’t require the membership action plan mechanism – perhaps not, I say, perhaps not – which was planned in 2008.”

However, German Chancellor Olaf Scholz was less supportive. “We have to take a sober look at the current situation,” he told the German parliament Thursday.” I suggest we focus on the top priority in Vilnius, namely strengthening the combat power of Ukraine.”

Mr. Shmyhal said Ukraine will be watching the results of the July meeting closely. But he said Ukraine’s military is already a de facto NATO army. “We are fighting with NATO weaponry. We are fighting according to NATO standards,” he said. He added that Ukraine’s membership would also be critical for the future of European security, given Russia’s aggression.

While EU and NATO membership were seen by many delegates as critical to Ukraine’s future development, much of the conference was devoted to encouraging public- and private-sector investment in the country.

The World Bank has estimated that it will cost at least US$411-billion to rebuild the houses, businesses and public infrastructure that have been destroyed by Russian air strikes and artillery. That figure is certain to climb much higher and did not include the destruction of the Nova Kakhovka dam, which collapsed on June 6 and caused extensive flooding.

Ukrainians take slow, wary steps to rebuild as war with Russia rages on

The country’s economy has also shrunk 30 per cent since the start of the war, and 3.5 million jobs have been lost.

Mr. Shmyhal told reporters that his government will have to spend US$14.1-billion this year just to meet its most urgent reconstruction needs. It has raised about half that amount, and he said the commitments made during the conference should be enough to cover the remainder.

He also said the government has introduced measures to encourage private-sector investment in key areas, including housing and energy, and that once the war ends the economy could grow by more than 10 per cent annually. “We analyze many economies of the world. We analyze some best practices, and we can see that this is possible,” he said.

Private investors have expressed concern about sinking money in Ukraine, given the uncertainties of the war. On Wednesday, Ukrainian President Volodymyr Zelensky acknowledged in a BBC interview that the progress of his military’s counteroffensive has been “slower than desired.” But he added: “Some people believe this is a Hollywood movie and expect results now. It’s not.”

Mr. Shmyhal denied that Mr. Zelensky’s comments had a negative impact on the conference. He said Russia had fortified its defences with minefields, slowing Ukrainian advances, but that the military had made important gains. “We all should have patience and we’ll see results, I’m sure,” he said.

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