During G7 financial bloc meeting, Sergii Marchenko outlined key areas of cooperation with partners to strengthen Ukraine’s financial resilience

Securing budget support for 2025, particularly through the implementation of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism, enacting reforms for Ukraine’s sustainable economic growth and European integration, and active work within the Ukraine Donor Platform – these are the primary areas requiring effective cooperation with international partners to bolster Ukraine’s financial and economic stability.

This was conveyed by Ukraine’s Finance Minister Sergii Marchenko during the G7 financial bloc meeting at the Annual Meetings of the IMF and World Bank in the United States.

The event brought together finance ministers and central bank governors from G7 member countries, along with leaders from the IMF, World Bank, and European Commission.

Minister Marchenko expressed gratitude to international partners for their extensive support for Ukraine and emphasized the importance of continued assistance.

He highlighted the historic decision by the G7 countries and the EU to establish the ERA mechanism with a USD 50 billion target.

“Only six months ago, during the IMF-World Bank Spring Meetings in Washington, we discussed the theoretical possibility of using russian assets to benefit Ukraine. Today, we have concrete decisions and commitments. The aggressor must be held accountable for Ukraine’s losses. The ERA funds will allow us to finance critical budget needs starting at the beginning of 2025,” said the Finance Minister.

Following the meeting, the G7 countries issued a joint statement, announcing that a consensus was reached to provide Ukraine with about USD 50 billion in loans under ERA. These loans will be serviced and repaid through future revenues from frozen russian assets, with disbursement expected to begin by year’s end.

Despite the challenges posed by the war, the Government continues to implement structural reforms with international support, which will contribute to Ukraine’s long-term growth on its path to EU integration. Marchenko noted that this progress is evidenced by Ukraine’s successful completion of the fifth IMF program review. For the first time in its history with the Fund, Ukraine has reached this stage: “We are already preparing for the sixth review, scheduled for December this year, and we are confident we will complete it successfully.”

Ukraine is also effectively meeting the targets of the Ukraine Plan indicators under the EU’s Ukraine Facility instrument.

Reconstruction remains a critical area of cooperation. It was noted that attracting foreign private capital is essential for Ukraine’s economic growth.