Budget needs and reform implementation – Ministry of Finance leadership and the UK delegation discussed areas of cooperation
A meeting took place in Kyiv between the leadership of Ukraine’s Ministry of Finance — First Deputy Minister of Finance Denys Uliutin, Deputy Minister Olga Zykova, and Government Commissioner for Public Debt Management Yuriy Butsa — and a delegation from the United Kingdom.
The event was attended by Permanent Undersecretary of the Foreign Commonwealth and Development Office Nick Dyer, as well as representatives of the British Embassy in Ukraine.
Key topics of discussion included: Ukraine’s budget needs, the status of reform implementation, and cooperation with the International Monetary Fund under the Extended Fund Facility (EFF) program.
“Since the start of the full-scale invasion, the UK’s support has remained unwavering. During this time, we have attracted USD 3 billion in budget support to the general fund of the State Budget and nearly USD 1 billion in revenues from frozen russian assets to the special fund for military expenditures. The United Kingdom remains a strategically important partner for Ukraine. I am grateful for our productive cooperation,” said Denys Uliutin.
The USD 3 billion was disbursed in three tranches during 2022–2024 through the World Bank’s Development Policy Loan (DPL) program. The USD 1 billion from revenues on frozen russian assets was transferred to the State Budget in 2025 through the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism.
In 2025, USD 1 billion in financial assistance from the United Kingdom is expected under the DPL program. Ukraine is also set to receive the next tranche under the ERA initiative in the near future.
During the discussion on reform implementation, both parties acknowledged Ukraine’s progress within the framework of cooperation with the IMF, particularly in performing the Extended Fund Facility financial program. Ukraine recently successfully completed the seventh program review. The Ministry of Finance leadership emphasized that it continues active engagement with IMF staff in preparation for the next, eighth review mission, scheduled to take place in June.
The meeting also addressed the state of Public Investment Management (PIM) reform in Ukraine and the UK’s support in this area. This is a comprehensive reform that involves changes in the approach to selecting projects for state and international investment.
In 2024, the Single project pipeline for 2025 was approved. The project portfolio currently consists of 769 projects worth over USD 60 billion. Of these, 92 projects have already been selected by the Government of Ukraine for financing.
The United Kingdom provides technical assistance to the Government of Ukraine in implementing the PIM reform. During the meeting, the UK delegation noted that it is considering further steps to strengthen technical support for the Ukrainian Government.