On April 10, during the working visit to the United States at the Spring Meetings of the International Monetary Fund and the World Bank Group, Minister of Finance of Ukraine Sergii Marchenko held a series of meetings with IMF representatives.
In particular, with Director of the IMF’s European Department Alfred Kammer, Deputy Director of the IMF’s European Department Uma Ramakrishnan and IMF Mission chief for Ukraine Gavin Gray.
The meeting was also attended by Deputy Minister of Finance Olga Zykova, Government Commissioner for Public Debt Management Yuriy Butsa, Deputy Minister of Finance for European Integration Yuriy Draganchuk and representatives of the National Bank of Ukraine.
At the meeting with Director of the IMF’s European Department Alfred Kammer, the parties discussed the impact of the full-scale invasion on the economic and financial systems of Ukraine, policies and measures to overcome the catastrophic consequences of the war, as well as the implementation of structural benchmarks by the Ukrainian side under the recently approved four-year Extended Fund Facility Program.
Sergii Marchenko thanked for the fruitful cooperation, as well as for the financial assistance of the Fund in the amount of USD 5.4 billion since the start of the full-scale war and joint identification of priority areas for policies and reforming the country.
“In particular, thanks to the effective cooperation with the Fund, including financial support combined with the implementation of structural reforms in recent years, we have been able to withstand economic shocks and other challenges of the war. We must continue to strengthen our economy and financial system to keep fighting, win this war, and rebuild our country. In cooperation with the IMF, we have developed a wide range of policies and measures that will help limit the devastating effects of the war and create the basis for an economic recovery,” Sergii Marchenko said during the meeting.
The key short-term reform areas include: strengthening macro-financial stability, fiscal structural policies, fiscal transparency and risk management, strengthening public investment management, deregulation of economic activity and improvement of the business climate, strengthening the fight against corruption, and energy sector reform.
During a meeting with Deputy Director of the IMF’s European Department Uma Ramakrishnan and IMF Mission chief for Ukraine Gavin Gray, Sergii Marchenko outlined the state of the country’s economy.
“We are witnessing a gradual recovery of the Ukrainian economy. Even in the conditions of active hostilities, systematic shelling, blackouts, domestic demand and tax revenues are increasing compared to the first months of the war,” the Minister of Finance of Ukraine said.
In this context, Sergii Marchenko thanked international partners, in particular the IMF, for their assistance in financing the 2023 budget deficit. In March 2023, the Executive Board of the International Monetary Fund approved a new four-year Extended Fund Facility for Ukraine in the amount of USD 15.6 billion. Ukraine received the first tranche of USD 2.7 billion immediately after the program was approved.