Denys Shmyhal outlines the main tasks of the Multi-Agency Donor Coordination Platform for 2024

One of the main tasks of the Multi-Agency Donor Coordination Platform for 2024 is to support Ukraine’s financial stability through direct budgetary assistance. This was stated by Prime Minister Denys Shmyhal during a meeting of the Platform’s Steering Committee on 14 February.

“Our external financing needs for this year are USD 37 billion. We are counting on budget support from the EU under the Ukraine Facility programme and from the United States. We are also expecting the third successful review of the IMF programme for Ukraine and the Fund’s support this year,” said Denys Shmyhal.

The Head of Government expressed hope that Ukraine’s partners and the members of the Platform would help cover the financial deficit this year.

The second goal of the Platform for 2024 is to implement the principle of “russia must pay”.

“We must intensify our efforts and synchronise our actions to ensure that frozen russian assets can be used to rebuild Ukraine and strengthen its economic development,” the Prime Minister stressed.

The Head of Government said that on 15 February, together with the World Bank, Ukraine will present an updated damage and recovery needs assessment (RDNA3). According to him, the figure for Ukraine’s recovery needs has increased by more than USD 75 billion over the year.

“This is an extremely large amount, and without confiscation of russian assets it will be extremely difficult to cover these needs in the coming years,” said Denys Shmyhal.

The third task for this year is to continue expanding the Platform by attracting new members. The Prime Minister noted that coordination should also be improved by strengthening the role of the Platform’s Secretariat in Kyiv. He stressed that the principle of “united in defence – united in recovery” should be reflected in the composition of the Platform.

“Task number four is Ukraine’s economic development and attracting private sector investment. We need to establish a Business Advisory Council and create the conditions for its effective functioning,” the Prime Minister said.

For its part, the Government of Ukraine presented a reform matrix developed jointly with the World Bank, which provides a detailed overview of the conditions and recommendations of partners in key sectors.

“We intend to use this matrix as a tool to guide the reform process. We have fulfilled and will continue to fulfil our commitments. Ukraine is changing. This is the basis for an improved business climate and, consequently, sustainable economic growth,” the Prime Minister stressed.

Denys Shmyhal thanked all the countries that had joined the Multi-Agency Donor Coordination Platform. In particular, he welcomed the new members: Norway, the Netherlands, Sweden and South Korea.

According to the Prime Minister, the Government managed to mobilise USD 42.5 billion in external financial assistance in 2023. Together with other comprehensive measures, this helped to maintain Ukraine’s macroeconomic and financial stability.