More than 500 days since the start of the full-scale Russian invasion in 2022, the scale of destruction in Ukraine is staggering: millions of internally displaced persons and refugees, hundreds of thousands killed or injured, and many homes in ruins. However, even in this dark hour, it is vital to develop plans for Ukraine’s reconstruction so that the recovery can start as soon as possible. The purpose of this report is to propose a macroeconomic framework for the post-war period (some of these recommendations can be implemented earlier) that can support a successful recovery. We stress that sustainable public finances, sound monetary policy, a predictable and fair regulatory framework, and flexible labour markets provide the foundation for the success of human capital development, foreign direct investment, technological leapfrogging, and many other elements of reconstruction.