Earlier this month, high-level representatives from over 40 countries gathered in Lugano, Switzerland, and pledged support for ambitious plans to reconstruct Ukraine.

The Ukraine Recovery Conference was an important milestone in preparing for the reconstruction of Ukraine, indicating that significant resources may be invested in the country after the war. But the conference did not shed much light on key issues. How will reconstruction be organized — and who will control and direct the money?

These are difficult questions that require thorough consideration, and they should be addressed before significant funds are committed to Ukraine’s recovery. An optimal design would reflect the importance of several factors.