Sergii Marchenko: With 64% of budget expenditures directed to defense, Ukraine needs the support of partners for recovery now

On July 10, the Minister of Finance of Ukraine Sergii Marchenko, took part in a panel discussion at the Ukraine Recovery Conference in Rome, Italy.

Other participants included Minister of Finance of Canada François-Philippe Champagne, European Commissioner for Economy Valdis Dombrovskis, Managing Director of Operations at the World Bank Anna Bjerde, President of the European Investment Bank Nadia Calviño, President of the European Bank for Reconstruction and Development Odile Renaud-Basso and Governor of the Council of Europe Development Bank Carlo Monticelli. U.S. Treasury Under Secretary Scott Bessent joined the discussion virtually.

The panel focused on mobilizing resources for Ukraine's recovery, including cooperation with international financial institutions and the role of the private sector in reconstruction.

During the discussion, Sergii Marchenko outlined the key priorities of the State Budget under wartime conditions:

“64% of the general fund expenditures of the State Budget are directed to defense, which remains our unwavering priority under martial law. The remaining funds allow us to cover urgent social and humanitarian needs and partially support reconstruction. At the same time, the need for recovery continues to grow due to ongoing russian airstrikes. To launch large-scale reconstruction, international partners and donors should provide support now. Additionally, attracting private sector investment should become a key tool in this process.”

Sergii Marchenko also emphasized the need for the full confiscation of frozen russian state assets. These funds must be directed toward rebuilding Ukraine. This is not only a matter of justice but also a way to hold the aggressor accountable for the destruction it has caused.

The Minister of Finance emphasized the need to strengthen sanctions against the aggressor in order to limit its ability to finance the war against Ukraine. He called on key partners to be resolute in using all available means of pressure on the russian financial sector, which would help Ukraine achieve a sustainable and just peace.

The panel participants also discussed the implementation of reforms that will allow Ukraine to become a full member of the EU. European Commissioner Valdis Dombrovskis noted Ukraine’s significant progress, particularly in fulfilling the conditions of financial support programs.

All the attendees expressed their readiness to continue supporting Ukraine in its recovery. They acknowledged the efforts of the Ukrainian Government and emphasized their willingness to further enhance cooperation.