Deputy Minister of Finance Olga Zykova participated in the third annual business conference dedicated to the reconstruction of Ukraine “Rebuild Ukraine Business Conference 2024”.

The event was organised by the Canada-Ukraine Chamber of Commerce in cooperation with the Business Council of Canada, the Embassy of Ukraine in Canada, the Ministry of Economy of Ukraine and the Embassy of Canada in Ukraine.

Olga Zykova expressed her gratitude to the Canadian government for organising the event and for its targeted assistance to Ukraine since the first days of the full-scale invasion. Canada has been one of the five largest providers of budgetary support to Ukraine since February 2022. The total amount of funding raised is over USD 5.4 billion.

The Deputy Minister spoke about the Government of Ukraine’s vision of the priorities for economic recovery and reconstruction under martial law:

“Despite all the challenges and threats of a full-scale war, the Ukrainian economy remains resilient. Responsibility, trust, transparency and accountability are the principles on which our vision is based and which we, as a state, follow in every decision or action we take on this path. The key priorities we see for economic growth and recovery are:

• ensuring macroeconomic and financial stability by mobilising additional domestic revenues and further multilateral support from international donors;
• rapid recovery and reliable access to external markets, which will help to achieve sustainable growth in the short term;
• implementation of comprehensive reforms that lay the foundations for and facilitate Ukraine’s long-term growth on the path to EU integration.

Strengthening the relevant areas requires support from partners, as well as coordination and consistency of policies.”

Next year, many state support programmes for businesses and consumers are expected to be expanded. Moreover, in cooperation with leading international financial institutions (the World Bank, the EIB, the EBRD, and KfW), a number of projects to support the private sector have been launched and are being implemented since February 2022.

Olga Zykova stressed the commitment of the Government of Ukraine to continue systemic reforms despite the challenges of martial law. These reforms are defined in accordance with the key programmes of cooperation with international partners (the IMF Extended Fund Facility Arrangement, the EU’s Ukraine Facility, the World Bank’s DPL, and the European Commission’s recommendations) and are aimed at maintaining Ukraine’s financial stability, as well as creating a solid foundation for economic development and recovery of the country on its way to the EU.

Thus, the latest update of the Reforms Matrix analytical tool showed that in the first three quarters of 2024, Ukraine has already performed 199 out of 561 indicators.

“The implementation of the identified reforms, the return to medium-term budget planning, fiscal risk management, and the improvement of the public finance management system are already being introduced and successfully implemented by the Ministry of Finance on the way to building and restoring the country’s economy,” the Deputy Minister added.

In particular, in 2023, the Public Investment Management reform was launched with the support of the World Bank, the European Commission and the IMF. This will allow to allocate limited financial resources to key projects that meet the recovery priorities and take into account the current needs of Ukrainians, as well as to increase the effectiveness of communication with international partners. It is about transparency, accountability and mutual trust between Ukraine and donors. This is also one of the stages that all EU candidate countries go through.

The total State Budget resource for PIM financing in 2025 is about USD 5 billion, which is expected to be used to implement 92 projects of the Single Project Pipeline. The main areas for which partner funds are expected to be allocated are projects in the fields of transport, water supply, and energy.