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  • Sergii Marchenko and Canadian Finance Minister Chrystia Freeland discuss Ukraine’s financial needs for 2023
    Ministry of Finance of Ukraine, posted 13 April 2023 13:13

    In Washington, D.C., Minister of Finance of Ukraine Sergii Marchenko met with Deputy Prime Minister and Minister of Finance of Canada Chrystia Freeland.

    The meeting was also attended by Deputy Minister of Finance Olga Zykova and Government Commissioner for Public Debt Management Yuriy Butsa.

    The parties discussed Ukraine’s financial needs for 2023, the effectiveness of sanctions imposed on russia, and the use of frozen russian assets for Ukraine’s reconstruction.

    Sergii Marchenko thanked the Government of Canada and Chrystia Freeland for their unwavering support for Ukraine.

    “Since the start of the full-scale invasion, Canada has been side by side with Ukraine. We feel your support in various areas, and it is extremely essential for us: USD 3.6 billion in direct budget support, including through the issuance of Ukraine Sovereignty Bond, coordination of the IMF Administered Account launching to receive funds from donor countries, and sanctions pressure on russia to limit its ability to finance the aggressive war,” the Minister of Finance of Ukraine said.

    The Minister of Finance of Ukraine also noted Canada’s leadership in taking measures to confiscate russian assets for the needs of Ukraine, in particular for reconstruction and recovery.

    During the full-scale war, Ukraine received about USD 4.5 billion of external financing through the IMF Administered Account, in particular from Canada and Germany.

    Chrystia Freeland assured that Canada would continue to support the stabilization of the financial system and the recovery of Ukraine.

    The parties discussed Ukraine’s cooperation with the IMF. It is expected that the recently approved four-year Extended Fund Facility (EFF) Program of USD 15.6 billion will not only partially finance the budget deficit, but will also help mobilize additional financial resources from donors.

    The participants of the meeting also expressed solidarity in the need to strengthen control over compliance with existing sanctions against russia.