Ministry of Finance team begins meetings at IMF and World Bank Annual Meetings, with 2027 financing at the top of the agenda

On the margins of the International Monetary Fund and World Bank Annual Meetings in Bangkok, Thailand, the team of the Ministry of Finance of Ukraine held meetings with international partners. The main focus was on securing financing for 2027, supporting recovery, and utilizing frozen russian assets.

Minister of Finance of Ukraine Sergii Marchenko spoke at the Tenth Ministerial Roundtable on Support for Ukraine. The event was organized by the Government of Ukraine, the World Bank, and the International Monetary Fund.

Meetings were also held with European Investment Bank President Nadia Calviño, Japan International Cooperation Agency (JICA) Senior Vice President Yuko Mitsui, Canada’s Associate Deputy Minister of Finance for International Affairs Patrick Halley, Deputy Treasurer of the Netherlands Jasper Wesseling, and Director General for International Finance at HM Treasury Lindsey Whyte.

The Ministry of Finance of Ukraine was represented by Deputy Minister of Finance Olga Zykova, and Government Commissioner for Public Debt Management Yuriy Butsa. 

- Roundtable: Budget Financing and Defense Needs

Sergii Marchenko emphasized that Ukraine's key priorities remain securing predictable financing for 2027, macro-financial stability, and restoring critical infrastructure.

The overall external financing need for 2027 stands at USD 52.5 billion, of which USD 32.6 billion remains unmet even after accounting for available EU financing.

To preserve debt sustainability and fiscal space for Ukraine's post-war recovery, it is crucial that the financial solution is debt-neutral—meaning it does not lead to a further increase in state debt servicing costs and its overall volume. Examples of this approach include loans under the ERA initiative and the EU's Ukraine Support Loan (USL).

The priority of international dialogue remains the development of a legally robust mechanism to use frozen russian sovereign assets to cover Ukraine's financing needs.

- Japan (JICA): Infrastructure Recovery and Business Support 

During the meeting with JICA Senior Vice President Yuko Mitsui, the parties discussed the results of cooperation and opportunities to expand Ukraine's recovery programs.

Since the beginning of the full-scale invasion, total JICA assistance to Ukraine amounts to approximately USD 4.8 billion, including a USD 3.3 billion loan under the ERA mechanism, USD 715 million in grant support, a USD 600 million development policy loan, and USD 200 million in technical assistance.

Deputy Minister of Finance of Ukraine Olga Zykova thanked Japan for implementing the Emergency Recovery Program. The funding is directed toward energy, humanitarian demining, healthcare, transport, water supply, and critical infrastructure. Within the first two phases, about 85% of the funding has already been utilized.

JICA confirmed its interest in long-term cooperation with Ukraine, particularly in infrastructure recovery, economic development support, and attracting the Japanese private sector.

- Canada: Russian Assets for Ukraine's Needs 

During the meeting with Canadian partners, the parties reviewed potential mechanisms to cover Ukraine's financing needs in 2027.

The Ministry of Finance team highlighted Canada's leadership in establishing the G7 ERA Loans mechanism, which involves repaying loans using revenues from frozen russian assets. Canada's contribution amounted to CAD 5 billion, of which CAD 4.8 billion was directed straight to Ukraine's budget, and CAD 200 million through the World Bank's F.O.R.T.I.S. Ukraine FIF. Canada also supports Ukraine with guarantees to attract financing through the World Bank and EBRD, as well as contributions to recovery and energy funds.

The possibility of further using frozen russian assets for Ukraine's needs was discussed.

- The Netherlands: Ukraine's Financing Needs 

During the meeting with the team from the Ministry of Finance of the Netherlands, the Ukrainian side expressed gratitude for the comprehensive support. In particular, direct budget assistance since 2022 has reached EUR 300 million, with another EUR 300 million allocated for recovery in 2025–2026.

The Netherlands has also directed USD 289 million to the World Bank's URTF, over EUR 109 million to the SPUR and SPUR 2.0 programs, and EUR 100 million to the Ukraine Energy Support Fund.

The Netherlands also supported the implementation of key EU instruments for Ukraine's budget support – the Ukraine Facility and the Ukraine Support Loan.

The parties paid special attention to the possibility of further utilizing frozen russian sovereign assets, specifically the development of legal and financial mechanisms to leverage them in favor of Ukraine.

- United Kingdom: Guarantees for 2027 and Joint Projects 

The UK continues to be a reliable and systemic partner to Ukraine. Direct budget support exceeds USD 3.8 billion, with USD 800 million already mobilized in 2026.

Ukraine received a significant portion of the funding through the World Bank under UK guarantees: USD 2 billion under the PEACE project, about USD 1.6 billion under development policy support programs, and USD 300 million under the SPIRIT project. Another USD 1.2 billion is expected by the end of 2026.

The key topic of the conversation was financing for 2027. Ukraine proposed considering new guarantees for World Bank loans, and contributions to SPUR 2.0 and URTF.

The parties also discussed expanding cooperation with UK Export Finance, particularly in the areas of recovery, energy, and defense, strengthening sanctions against russia, and attracting British investments.