• Українською
  • Joint communiqué following the twelfth meeting of the Ukraine Donor Platform Steering Committee. 14.01.2025
    Ministry of Finance of Ukraine, posted 15 January 2025 12:01

    In the two years since the Ukraine Donor Platform was launched, it has facilitated the coordination of existing support mechanisms and further international funding and expertise and encouraged Ukraine’s reform agenda and private sector-led growth. Today, we reaffirmed our unwavering support for Ukraine for as long as it takes and our determination to contribute to its long-term economic stability, resilience, and recovery on its path to EU accession. 

    We vehemently condemn Russia’s illegal, unprovoked, and unjustified war of aggression against Ukraine. This continues to cause an unacceptable toll on the civilian population, large-scale damage to Ukraine, and a disruption of global food and energy supplies. We recall that Russia as an aggressor state must be held accountable under international law for its aggression and pay for all the damage it has caused to Ukraine. 

    We discussed Ukraine’s external financing needs and will continue to support the country in addressing these. By the end of 2024, we had committed more than USD 233 billion in unified economic support, including budgetary, and recovery, and reconstruction support. This includes the financing being mobilized by the Extraordinary Revenue Acceleration (ERA) loans initiative, on which G7 Leaders reached a consensus on October 25, 2024. The ERA loans initiative will make available approximately USD 50 billion in financing to fund Ukraine’s military, budget, and reconstruction needs. These loans will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets held in the European Union and possibly other relevant jurisdictions, in line with G7 members’ respective legal systems and international law. In terms of budgetary support, since February 2022 Ukraine has received over USD 118 billion from Platform members, observers, and participants. Through joint efforts, Ukraine’s external financing gap for 2024 was closed, and resources were secured to cover its external budget financing needs for 2025, which are expected to amount to USD 39.3 billion. We welcomed Ukraine’s successful completion of the Sixth Review under its IMF-supported Extended Fund Facility arrangement. We will continue to support Ukraine’s external financing needs and will review our financial assistance plans, including for 2026 and beyond, at our upcoming meetings. In this context, we also heard from the Canadian G7 presidency on how it plans to ensure continued G7 support for Ukraine.

    Delivering effective support for Ukraine’s recovery and reconstruction will remain a key priority for our Platform in 2025 and we will further strengthen our engagement on this track. To this end, the Platform will hold regular Experts’ meetings dedicated to this workstream – the ‘Recovery Operational Group’ – starting in February.

    We will also continue to work closely and in a complementary manner with in-country coordination structures, notably the recently relaunched Sector Working Groups, to facilitate the closure of gaps in urgent and longer-term needs. We discussed funding priorities for recovery in 2025, which include energy, heating, water supply and sanitation, housing, transport, social sector, humanitarian demining, and private sector support.

    We will continue to help Ukraine cope with the impact of Russia’s ongoing attacks on energy infrastructure, through this winter and beyond, building on the more than USD 2 billion in additional financing committed and pledged since March 2024. The financial and in-kind assistance provided has been decisive in enabling Ukraine to address its most urgent energy sector needs, including repairs, protection, procurement, and new power generation. With a view to building on this strong track record, we welcomed the G7+ Energy Coordination Group’s Ukraine Energy Assistance Roadmap, which sets out short, medium, and long-term priorities for the sector, and called for decisive steps to deliver on these. We will continue to support Ukraine in realizing its vision of a cleaner, more modern, decentralized energy system that is integrated with the EU.

    We welcomed Ukraine’s strong progress on reforms in 2024, the year that saw the country take the historic step of opening EU accession negotiations. We will continue to support Ukraine in delivering and implementing its ambitious reform commitments in 2025, especially those set out in the Ukraine Plan and those required under EU accession negotiations. These are essential not only to help Ukraine proceed towards EU membership but also to improve the business climate, attract foreign direct investment, and support economic development. We also noted the update of the Reforms Matrix, the Government of Ukraine’s public tool for accountability, transparency, and stakeholder coordination.

    We reaffirmed our support for effective, transparent, and well-coordinated public investment management, based on strategic planning, drawing on Ukraine’s multi-level governance system, including regions and municipalities, and taking into account its EU accession path. In this context, we took note of the Government’s update on the public finance and public investment management (PIM) reforms. We noted the importance of the progress already made, including the Strategic Investment Council’s prioritization of public investment projects within the pilot Single Project Pipeline (SPP) for 2025, and of the next steps in implementing the PIM Action Plan. In the context of the Framework for Project Preparation for Ukraine, we welcome the adoption by the Government of Ukraine of the decree on the establishment of the Project Preparation Unit and look forward to its swift implementation. We noted that the Reforms Delivery Office will support the Framework by strengthening the Project Preparation Unit with capacity for strategic planning, with additional donor support expected from the United States, the EU, and other Ukraine Multi-Donor Account contributors. We also look forward to the two project preparation facilities under development by the European Bank for Reconstruction and Development and the European Investment Bank (Ukraine FIRST), and by the World Bank (Ukraine PPF), being fully operational by the 2025 Ukraine Recovery Conference. Another important milestone expected in early 2025 is the update of the joint Rapid Damage and Needs Assessment, which will inform further work on recovery and on the SPP.

    We noted the critical importance of war risk insurance for Ukraine’s recovery and reconstruction and for supporting international trade and investment. We continue working on war risk insurance initiatives and welcomed commitments to provide support for these. We recognized the efforts and leadership of the Government of Ukraine in this area. Acknowledging the importance of global reinsurance businesses returning to Ukraine, we support efforts to end the blanket exclusion of Ukraine from international reinsurance policies. To advance this goal, we will work to mobilize the global insurance industry.

    We took note of the Business Advisory Council (BAC)’s latest work and commended its members’ efforts to identify concrete measures to attract private sector investment in Ukraine. We will continue to work closely with the BAC to strengthen Ukraine’s attractiveness as an investment destination. We will also actively pursue our regular exchanges with Ukrainian civil society, one of the key stakeholders for fostering an inclusive, gender-responsive, and effective recovery.

    We also reaffirmed our commitment to further boost our Platform’s effectiveness, and in this context we continue to explore ways to strengthen its presence and capabilities in Kyiv.

    We welcomed the update provided by Italy on the preparation of the Ukraine Recovery Conference (URC) 2025, which will take place in Rome on 10-11 July.

    We look forward to our next meetings in April and in the margins of the URC.