• Українською
  • Sergii Marchenko: Terrorist actions of the russian federation lead to a daily increase in financial needs for recovery
    Ministry of Finance of Ukraine, posted 07 June 2023 18:15

    Today, on June 7, Minister of Finance of Ukraine Sergii Marchenko met with Coordinator Task Force for the Reconstruction of Ukraine Davide la Cecilia.

    The meeting was also attended by Deputy Minister of Finance of Ukraine Olga Zykova and the Ambassador Extraordinary and Plenipotentiary of the Italian Republic in Ukraine Pier Francesco Zazo.

    Sergii Marchenko congratulated Mr. Cecilia on his appointment as Coordinator Task Force for the Reconstruction of Ukraine, and also thanked the Italian Government for its financial, humanitarian and military support to Ukraine:

    “The position of the Government of Italy in support of Ukraine has been unbreakable since the first days of the full-scale invasion of russia. Italy became one of the first countries to provide financial support when it was especially needed. In 2022, the Government of Italy provided 310 million euros for the needs of the State Budget of Ukraine in the form of loans and grants.”

    During the meeting, parties discussed financial needs for the rapid recovery of Ukraine. The Minister of Finance noted that according to the Second Ukraine Rapid Damage and Needs Assessment (RDNA2) report, the direct physical damage from the war is estimated at USD 135 billion, which is over 60% of pre-war GDP. At the same time, the cost of reconstruction and recovery could amount to USD 411 billion:

    “Damages from the russian federation's actions are increasing every day. Yesterday we witnessed another terrible terrorist attack - russia destroyed the Kakhovskaya HPP. This is a man-made disaster of a global scale. To overcome the consequences, in particular of this tragedy, Ukraine needs comprehensive support from international partners. And we hope that Italy will play an important role in this process,” said Sergii Marchenko.

    The Minister of Finance of Ukraine emphasized the need to start recovery and reconstruction already this year. According to verified data from the RDNA2 report, emergency recovery needs for 2023 amount to USD 14.1 billion, of which USD 3.3 billion are already provided for in the State Budget:

    “Only the joint and coordinated efforts of the Government of Ukraine and our international partners will allow us to mobilize the necessary resources to overcome the devastating consequences of russia's actions. The rapid recovery of Ukraine requires maximum synchronization of assistance from all partners: the governments of the G7 countries, the European Union, international financial organizations and the involvement of the private sector. We are actively working on this within the framework of the Multi-Agency Donor Coordination Platform for Ukraine.”

    Additional Information

    On May 26, 2023, the third meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform for Ukraine was held. The initiative brings together representatives of the authorities of Ukraine, the EU, the G7 countries, as well as partners from international financial institutions, including the European Investment Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, and the World Bank.