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  • Sergii Marchenko discusses Ukraine’s financial needs for 2024 with U.S. Treasury Under Secretary for International Affairs Jay Shambaugh
    Ministry of Finance of Ukraine, posted 11 October 2023 17:52

    Minister of Finance of Ukraine Sergii Marchenko met with Under Secretary for International Affairs of the U.S. Treasury Jay Shambaugh during the Annual Meetings of the IMF and the World Bank.

    The meetings were also attended by Deputy Minister of Finance Olga Zykova, Deputy Minister of Finance for European Integration Yuriy Draganchuk and Government Commissioner for Public Debt Management Yuriy Butsa.

    The parties discussed the draft State Budget of Ukraine for 2024 and the mechanisms for directing the frozen assets of the russian federation to Ukraine.

    Sergii Marchenko thanked the U.S. Treasury for the continued comprehensive cooperation since the beginning of the full-scale war. In 2023, the U.S. Government allocated USD 10.9 billion in direct budget support to Ukraine.

    “I am grateful for the rhythmic and predictable provision of funds this year, which allows us to ensure timely budget execution. The United States is one of the leaders in providing financial assistance to Ukraine. The amount of direct budget support has reached USD 22.9 billion since the start of the full-scale war,” the Minister of Finance of Ukraine added.

    In the context of the discussion of the draft State Budget for 2024, it was outlined that the need for budget support in 2024 will be at the level of the current year. The deficit is projected at USD 42.9 billion. The Ministry of Finance of Ukraine is counting on the support of international partners to finance priority social and humanitarian expenditures.

    The Ukrainian side emphasized that transparency and accountability in the use of funds from international donors is a priority of the Government of Ukraine and a key asset in building reliable partnerships. The Ministry of Finance of Ukraine and the USAID SOERA project are cooperating closely together to optimize and strengthen the Government of Ukraine’s monitoring, verification and reporting systems for the use of donor funds.

    Sergii Marchenko also expressed hope that the United States and its allies will find and implement mechanisms to use the seized assets of the russian federation for the benefit of Ukraine: “russia’s assets should become the basis for further financing the recovery and reconstruction of Ukraine.”

    Jay Shambaugh confirmed that the U.S. would continue to support Ukraine.