During a working visit to Morocco for the IMF and World Bank Annual Meetings, Minister of Finance of Ukraine Sergii Marchenko met with Executive Vice-President of the European Commission Valdis Dombrovskis.

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

The parties discussed further cooperation within the framework of the EU Macro-Financial Assistance (MFA) programme, the status of reforms in Ukraine under the MFA programme, and the launch of a new instrument, the Ukraine Facility for 2024-2027 worth EUR 50 billion.

During the meeting, Sergii Marchenko thanked Valdis Dombrovskis for the EU's significant support, including financial assistance.

"In 2023, Ukraine has already received EUR 13.5 billion from the EU out of the EUR 18 billion envisaged under the MFA. Thanks to the timely and rhythmic assistance of our partners, we are able to cover the priority expenditures of the State Budget. It is important for us to continue maintaining the smooth functioning of the economy and financial system," said Sergii Marchenko.

Sergii Marchenko and Valdis Dombrovskis discussed progress in the implementation of the current arrangements, which are a condition for Ukraine to receive MFA in 2023.

As of today, Ukraine has already performed a number of its obligations under the MFA, including the adoption of tax legislation to lift the temporary measures adopted at the beginning of the full-scale invasion, the appointment of members of the supervisory boards of 4 state-owned banks and "Naftogaz Ukraine", decisions in the energy sector on the implementation of customs policy, improvements to anti-money laundering legislation, and a number of important decisions in the rule of law, including the appointment of the Director of the National Anti-Corruption Bureau of Ukraine, the launch of the HCJ and the HQCJ.

International aid plays an important role in maintaining financial stability in the face of russia's armed aggression. Sergii Marchenko expressed hope that donor support will continue to be rhythmic and predictable next year. The need for international financing will reach USD 42.9 billion.

In this context, the parties discussed the work of Ukraine and the EU on the Ukraine Facility for 2024-2027, which will be part of the coverage of the next year's needs.

The European Parliament recently supported an initiative to launch the Ukraine Facility.