Minister of Finance of Ukraine Sergii Marchenko met with Ambassador Extraordinary and Plenipotentiary of the Republic of Austria to Ukraine Arad Benkö.

The meeting was also attended by Deputy Minister of Finance Olga Zykova.

The parties discussed the current state of Ukraine’s financial system, the Government’s implementation of key reforms on the path to EU accession and the attraction of Austrian investments to Ukraine.

Sergii Marchenko thanked the Government and people of Austria for their comprehensive assistance to Ukraine, in particular for supporting the launch of the EUR 50 billion Ukraine Facility for 2024-2027, as well as for implementing the EU sanctions package against russia.

“Since the first days of the full-scale war, the Government of Austria has been providing comprehensive assistance to Ukraine and highlighting our needs to the international community. In this crucial period, when Ukraine is confronting the aggressor, the predictable support of partner countries is essential. In turn, Ukraine is confidently moving towards its European future, implementing the necessary reforms and changes. The development of further Ukrainian-Austrian relations, in particular in the financial sector, is an integral part of Ukraine’s path to the EU,” said Sergii Marchenko.

Since February 2022, Austria has provided Ukraine with EUR 10 million in grant budget support to cover priority social and humanitarian expenditures of the State Budget, including healthcare, support for IDPs, etc. Contributions of USD 32 million were also made to the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) and about USD 31 mln to the Special Program for Ukraine’s Recovery and Crisis Response (SPUR) of the World Bank.

The Austrian government also actively supports recovery and reconstruction initiatives in Ukraine. In 2023, Austria contributed EUR 10 million to the European Energy Community’s Energy Support Fund for Ukraine and provided about 275 tonnes of energy equipment for the restoration of energy facilities in Ukraine. In June 2023, the Austrian Development Bank (Oesterreichische Entwicklungsbank AG, OeEB) joined the EBRD’s initiative to create a “Ukraine Investment Platform” to increase the scale, efficiency and quality of Ukraine’s recovery efforts.

Discussing foreign investment, Sergii Marchenko noted that since the beginning of the full-scale war, the number of Austrian businesses in Ukraine has decreased. The Ukrainian government aims to introduce the necessary support mechanisms to attract and stimulate foreign investment.

“Recovery requires a comprehensive approach, so in addition to assistance from international financial organisations and partner countries, it is crucial to create conditions for attracting private foreign investment,” the Minister of Finance added.

For his part, Arad Benkö noted that Austria’s position on supporting Ukraine is unchanged, and that Austria will remain a reliable partner.