Natalie Ann Jaresko ( uk, Наталія Енн Яресько; born 24 April 1965) also known as Natalia Ivanivna Yaresko ( uk, Наталія Іванівна Яресько) is an American-born former U.S. State Department official and Ukrainian
investment banker
Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...
who served as Ukraine's
Minister of Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
from December 2014 until April 2016.
[New Cabinet formed in Ukraine](_blank)
UNIAN
The UNIAN or Ukrainian Independent Information Agency of News ( uk, Українське Незалежне Інформаційне Агентство Новин, УНІАН, translit=Ukrayins'ke Nezalezhne Informatsiyne Ahentstvo Novyn) is a ...
(14 April 2016) On 20 March 2017, she was appointed as executive director of the Financial Oversight & Management Board for Puerto Rico. Jaresko announced her resignation from the
PROMESA
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical in ...
board effective April 1, 2022.
Since April 2022 she has been working as chairman of the Aspen Institute Kyiv and advisor for the non-profit Stronger Than Ever.
Early life and education
Jaresko was born on 24 April 1965 in
Elmhurst, Illinois
Elmhurst is a city mostly in DuPage County and overlapping into Cook County in the U.S. state of Illinois, and a western suburb of Chicago. As of 2021, the city has an estimated population of 47,260.
History
Members of the Potawatomi Native A ...
,
[ the daughter of Mary (Maria), née Budziak, and John (Ivan) Jaresko, both Ukrainian immigrants to the United States.][ Her father was born in ]Poltava Oblast
Poltava Oblast ( uk, Полта́вська о́бласть, translit=Poltavska oblast; also referred to as Poltavshchyna – uk, Полта́вщина, literally 'Poltava Country') is an oblast (province) of central Ukraine. The administrative ...
during the Holodomor
The Holodomor ( uk, Голодомо́р, Holodomor, ; derived from uk, морити голодом, lit=to kill by starvation, translit=moryty holodom, label=none), also known as the Terror-Famine or the Great Famine, was a man-made famin ...
, during which her kulak
Kulak (; russian: кула́к, r=kulák, p=kʊˈlak, a=Ru-кулак.ogg; plural: кулаки́, ''kulakí'', 'fist' or 'tight-fisted'), also kurkul () or golchomag (, plural: ), was the term which was used to describe peasants who owned ove ...
great-grandparents, Feofan and Natalia Brazhnyk, starved to death.[
Jaresko was raised with two siblings, Katherine and John,][ in ]Wood Dale, Illinois
Wood Dale is a city in Addison Township, DuPage County, Illinois, Addison Township, DuPage County, Illinois, DuPage County, Illinois, United States. Per the 2020 United States Census, 2020 census, the population was 14,012.
History
Wood Dale was o ...
.[ Although her family spoke mainly English, she attended Ukrainian school on Saturdays and the Ukrainian Orthodox church on Sundays.][ She is bilingual in English and Ukrainian. Residing in ]Ukrainian Village, Chicago
Ukrainian Village is a Chicago neighborhood located on the near west side of Chicago. Its boundaries are Division Street to the north, Grand Avenue to the south, Western Avenue to the west (although some maps extend to Campbell Street to the ...
,[ she studied accounting at ]DePaul University
DePaul University is a private university, private, Catholic higher education, Catholic research university in Chicago, Illinois. Founded by the Congregation of the Mission, Vincentians in 1898, the university takes its name from the 17th-centu ...
, earning a B.Sc. degree in 1987.[ She received a master's degree in public policy from ]Harvard Kennedy School
The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
in 1989.[
In 2011, she and her husband, Ihor Figlus, divorced. She has two daughters who live in ]Ukraine
Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inv ...
.[
]
Citizenship
Jaresko lived in Ukraine from 1992 to 2000, and returned in 2004.[ She received ]Ukrainian citizenship
Ukrainian nationality law details the conditions by which a person holds nationality of Ukraine. The primary law governing these requirements is the law "On Citizenship of Ukraine", which came into force on 1 March 2001.
Any person born to a Uk ...
on 2 December 2014, the day of her appointment as Minister of Finance of Ukraine.[ She remains a U.S. citizen. Although the U.S. does not prohibit dual citizenship, Ukrainian law states that she would have to renounce her non-Ukrainian citizenship(s) within two years.
]
Career
Starting in 1989. Jaresko held several economics-related positions at the US Department of State
The United States Department of State (DOS), or State Department, is an executive department of the U.S. federal government responsible for the country's foreign policy and relations. Equivalent to the ministry of foreign affairs of other ...
in Washington, D.C., and eventually coordinated activities of the State Department, the Departments of Commerce
Commerce is the large-scale organized system of activities, functions, procedures and institutions directly and indirectly related to the exchange (buying and selling) of goods and services among two or more parties within local, regional, nation ...
, Treasury
A treasury is either
*A government department related to finance and taxation, a finance ministry.
*A place or location where treasure, such as currency or precious items are kept. These can be state or royal property, church treasure or in p ...
, the United States Trade Representative
The Office of the United States Trade Representative (USTR) is an agency of the Federal government of the United States, United States federal government responsible for developing and promoting Trade policy of the United States, American trade ...
, and Overseas Private Investment Corporation
The Overseas Private Investment Corporation (OPIC) was the United States Government's Development finance institution until it merged with the Development Credit Authority (DCA) of the United States Agency for International Development (USAID ...
(OPIC) in their economic relations with the Soviet Union and its successors. As part of her work she interacted with the International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
, World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
, and the European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially focus ...
. Later, from 1992 to 1995, she was the first Chief of the Economic Section of the U.S. Embassy in Ukraine
The Embassy of the United States of America in Kyiv is the diplomatic mission of the United States to Ukraine.
History
The United States recognized the independence of Ukraine on December 26, 1991, and opened an embassy in its capital, Kyiv, on ...
, responsible for strengthening economic cooperation between the two countries.[ She has been a governor of the ]European Bank for Reconstruction and Development
The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially focus ...
.[ In 2003 she was awarded the Ukrainian ]Order of Princess Olga
The Order of Princess Olga ( uk, Орден княгині Ольги) is a Ukrainian civil decoration, featuring Olga of Kiev and bestowed to women for "personal merits in state, production, scientific, educational, cultural, charity and other ...
for her contributions to the Ukrainian economy.[
Jaresko also held several key positions in the private business sector. In February 2001 she became president and chief executive officer of Western NIS Enterprise Fund (WNISEF), which had been disbursing ]United States Agency for International Development
The United States Agency for International Development (USAID) is an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance. With a budget of over $27 bi ...
(USAID) funds to small and medium-sized businesses in Ukraine and Moldova since 1995.[
In 2006, she co-founded Horizon Capital, where she served as a managing partner and chief executive officer, which took over the management of WNISEF.][ In those positions she established and strengthened economic ties with Ukraine and Moldova.][ Horizon Capital managed two funds, the Emerging Europe Growth Fund aimed at institutional and individual investors in the west, and the USAID funded Western NIS Enterprise Fund which preceded Horizon Capital.] When Jaresko left Horizon Capital in December 2014, it had about $600 million of Ukrainian investments under management.[
Between 2005 and 2010 Jaresko was a member of President ]Viktor Yushchenko
Viktor Andriyovych Yushchenko ( uk, Віктор Андрійович Ющенко, ; born 23 February 1954) is a Ukrainian politician who was the third president of Ukraine from 23 January 2005 to 25 February 2010.
As an informal leader of th ...
's Foreign Investors Advisory Council and the advisory board of the Ukrainian Center for Promotion of Foreign Investment under the auspices of the Cabinet of Ministers of Ukraine.[
By virtue of her having headed the ministry, she was solicited by the media to comment on the fiscal effects of the ]2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
. She characterized the economic ramifications as a "strangulation" of the economy.[Ukraine facing 'economic strangulation' from war, former finance minister says]
''France24
France 24 ( in French) is a French state-owned international news television network based in Paris. Its channels broadcast in French, English, Arabic, and Spanish and are aimed at the overseas market.
Based in the Paris suburb of Issy-les-Mo ...
'', Stephen Carroll, March 10, 2022. Retrieved March 14, 2022. She continued that any country or sector that continued to do business with the Russian Federation
Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
was contributing to Vladimir Putin
Vladimir Vladimirovich Putin; (born 7 October 1952) is a Russian politician and former intelligence officer who holds the office of president of Russia. Putin has served continuously as president or prime minister since 1999: as prime min ...
's war on Ukraine.[
]
Ukrainian Minister of Finance
Nine months after the 2014 Ukrainian revolution
The Revolution of Dignity ( uk, Революція гідності, translit=Revoliutsiia hidnosti) also known as the Maidan Revolution or the Ukrainian Revolution, , Jaresko was approached by headhunters for the new Ukrainian government, and within days offered the post of minister of finance.
Early in Jaresko's term she made an outline agreement for a $40 billion four-year loan from the International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster globa ...
and Western countries.
In August 2015 Jaresko was instrumental to restructuring Ukraine's debts, including a partial write-off with a 20% haircut
A hairstyle, hairdo, haircut or coiffure refers to the styling of hair, usually on the human scalp. Sometimes, this could also mean an editing of facial or body hair. The fashioning of hair can be considered an aspect of personal grooming ...
on Ukraine's $18 billion privately held government debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...
.
On 24 March 2016, shortly before she left office, she argued that the economy had to be depoliticized and Ukraine needed a technocratic government
Technocracy is a form of government in which the decision-maker or makers are selected based on their expertise in a given area of responsibility, particularly with regard to scientific or technical knowledge. This system explicitly contrasts wi ...
, and that she was willing to lead such a technocratic government.
''Ukraine Today
Ukraine News Today was a Ukraine-based private English language satellite television channel and webcasting service. The channel, which was owned by the Ukrainian 1+1 group and headquartered in Kyiv, presented round-the-clock news bulletins ai ...
'' and the ''Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
'' reported speculation that Jaresko could become Ukraine's new prime minister, which was also suggested by former United States Ambassador to Ukraine
The history of ambassadors of the United States to Ukraine began in 1992. Until 1991, the Ukrainian Soviet Socialist Republic had been a republics of the Soviet Union, constituent SSR of the Soviet Union.
History
Upon the breakup of the USSR, the ...
Steven Pifer and President of Ukraine
The president of Ukraine ( uk, Президент України, Prezydent Ukrainy) is the head of state of Ukraine. The president represents the nation in international relations, administers the foreign political activity of the state, condu ...
Petro Poroshenko
Petro Oleksiyovych Poroshenko ( uk, Петро́ Олексі́йович Пороше́нко, ; born 26 September 1965) is a Ukrainian businessman and politician who served as the fifth president of Ukraine from 2014 to 2019. Poroshenko ser ...
. '' The Ukrainian Weekly '' reported that Jaresko had started forming a provisional technocratic Cabinet of Ministers the previous month.
Jaresko was rejected as a prime ministerial candidate by the governing coalition.[ When speaker of the Ukrainian parliament, ]Volodymyr Groysman
Volodymyr Borysovych Groysman, sometimes transliterated as Volodymyr Borysovych Hroisman ( uk, Володи́мир Бори́сович Гро́йсман; born 20 January 1978), is a Ukrainian politician who was the Prime Minister of Ukrain ...
, was elected as Ukraine's new prime minister on 14 April 2016, he did not retain Jaresko in his new Cabinet.
After she left office, Jaresko said she believed the Ukraine macroeconomic situation had stabilized, and that Ukraine needed a further $25 billion of investment beyond the agreed IMF loans to "win over the hearts and minds of Ukrainian society" as the "immediate effects f reformon the population have been painful."
Later career
In May 2016, Jaresko became chair of the board of trustees of the Aspen Institute
The Aspen Institute is an international nonprofit organization founded in 1949 as the Aspen Institute for Humanistic Studies. The institute's stated aim is the realization of "a free, just, and equitable society" through seminars, policy programs ...
unit in Kyiv
Kyiv, also spelled Kiev, is the capital and most populous city of Ukraine. It is in north-central Ukraine along the Dnieper, Dnieper River. As of 1 January 2021, its population was 2,962,180, making Kyiv the List of European cities by populat ...
, a U.S. headquartered educational and policy studies NGO.
In 20 March 2017, Jaresko became the executive director of the Financial Oversight Board of Puerto Rico, as part of the PROMESA
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a U.S. federal law enacted in 2016 that established a financial oversight board, a process for restructuring debt, and expedited procedures for approving critical in ...
bill. Her chairmanship was accompanied by multiple protests against the FOMBPR in Puerto Rico, the largest being a protest of 100,000 people in San Juan in the summer of 2019, before announcing her resignation in February 2022 effective on 1 April 2022.
In April 2022, Jaresko became an advisor for Stronger Than Ever, a registered non-profit organization aiming to collect $5 million in support of the people of Ukraine. The non-profit was founded by Red Ventures
Red Ventures is an American media company, which owns and operates brands such as Lonely Planet, CNET, ZDNet, The Points Guy, Healthline and Bankrate. Red Ventures focuses on sites that dispense news, advice, and reviews. The company's corporat ...
CEO Ric Elias.
Other activities
* Transatlantic Commission on Election Integrity
The Transatlantic Commission on Election Integrity is a bi-partisan initiative by leading figures in politics, tech, media and business from Europe and the US with the aim of addressing the question of foreign interference in elections.
Founda ...
(TCEI), member (since 2018)Transatlantic, bi-partisan Commission launched to prevent election meddling
Transatlantic Commission on Election Integrity
The Transatlantic Commission on Election Integrity is a bi-partisan initiative by leading figures in politics, tech, media and business from Europe and the US with the aim of addressing the question of foreign interference in elections.
Founda ...
(TCEI), press release of 11 May 2018.
* Aspen Institute Kyiv, chair of the board of trustees (since 2016)[Natalie Jaresko](_blank)
Aspen Institute
The Aspen Institute is an international nonprofit organization founded in 1949 as the Aspen Institute for Humanistic Studies. The institute's stated aim is the realization of "a free, just, and equitable society" through seminars, policy programs ...
.
* Aspen Institute
The Aspen Institute is an international nonprofit organization founded in 1949 as the Aspen Institute for Humanistic Studies. The institute's stated aim is the realization of "a free, just, and equitable society" through seminars, policy programs ...
, member of the board of trustees
References
External links
*
{{DEFAULTSORT:Jaresko, Natalie
1965 births
Economists from Illinois
American emigrants to Ukraine
American people of Ukrainian descent
DePaul University alumni
Harvard Kennedy School alumni
Finance ministers of Ukraine
Living people
Naturalized citizens of Ukraine
People from Elmhurst, Illinois
People from Wood Dale, Illinois
Politicians from Chicago
21st-century Ukrainian economists
21st-century American economists
Ukrainian investment bankers
Female finance ministers
Independent politicians in Ukraine
Ukrainian women economists