Ukraine’s priority is to win the war. And this is impossible without ensuring macroeconomic stability. This was emphasised by Prime Minister of Ukraine Denys Shmyhal during a meeting of the Steering Committee of the Multi-agency Donor Coordination Platform on 10 April. The event was held in-person in Kyiv for the first time.
In his speech, the Head of Ukrainian Government focused on three strategic tasks. The first is predictable budget support.
“After the difficult first months of 2024, we received USD 9 billion of external financing in March. But the main challenge remains the external budget support for the second half of this year and for the next year. That is why these meetings on the ground are so important,” said Denys Shmyhal.
The second strategic task is to lay a solid foundation for economic sustainability, which will help to reduce the budget deficit.
“With limited resources, the Government must focus on urgent needs, such as repairing energy infrastructure, and on concrete steps and priority sectors for investment that will build a resilient war economy and unleash economic growth,” the Prime Minister of Ukraine said.
The third important area of work, according to him, is the use of frozen russian assets for the needs of Ukraine.
“These are the resources that are most needed in the current circumstances. We need to develop an appropriate compensation mechanism and work on using all assets, not just taxes and revenues,” the Head of Ukrainian Government stressed.
Denys Shmyhal stressed that even in times of war, Ukraine remained committed to implementing reforms and the European course. There are clearly defined priorities and a reform plan. In particular, it is about the transformations envisaged in the Reform Matrix and the reforms under the Ukraine Facility programme.
“We need to strengthen the work of the Platform in these areas. First. Twice a year, hold higher-level ministerial meetings of the Platform to address priority issues, summarise results and undertake strategic planning. Second. The Platform should understand the needs of Ukraine in the light of the real situation. To this end, we propose that the Platform’s technical secretariat be based in Kyiv,” the Prime Minister said.
According to him, this will ensure high-quality sectoral coordination between the Government of Ukraine and partners, as well as help the Platform achieve its goals of supporting Ukraine’s economic resilience and facilitating conditions for economic development.