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  • Sergii Marchenko participated in the sixth meeting of the Steering Committee for the Multi-Agency Donor Coordination Platform for Ukraine
    Ministry of Finance of Ukraine, posted 26 September 2023 21:55

    Today, September 26, the sixth meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform for Ukraine was held.

    The meeting was attended by the Minister of Finance of Ukraine Sergii Marchenko, Deputy Prime Minister for Restoration of Ukraine Oleksandr Kubrakov, First Deputy Prime Minister of Ukraine Yuliia Svyrydenko, White House Deputy National Security Advisor for International Economics Michael Pyle, U.S. Special Representative for Ukraine's Economic Recovery Penny Pritzker from the United States and Director-General for Neighbourhood and Enlargement Negotiations Gert Jan Koopman from the European Commission, as well as representatives of the G7 countries, European Commission and IFIs.

    The parties discussed the results of the Platform's operation in mobilizing financial resources for the priority expenditures of the State Budget of Ukraine and the recovery, the need for external financing for 2024, as well as the state of reforms implementation identified in cooperation with international partners.

    Sergii Marchenko expressed gratitude to colleagues for the joint efforts to coordinate and consolidate resources for Ukraine and informed about the current state of the financial system:

    "The Government of Ukraine continues to maintain macroeconomic stability under martial law. Tax revenues have returned to pre-war level. The strong and stable financial support of international partners in the amount of USD 32.7 billion, which has already been received in 2023, allows us to provide budget financing for critical social and humanitarian expenditures."

    The Minister of Finance also emphasized the importance of continuing external financial support for the next year. Predictable, stable and rhythmic budget aid is crucial during russia's armed aggression. It is expected that the Ukrainian economy will continue to operate in 2024 in the face of unprecedented security challenges. 

    "Next year's budget, like this year's, will prioritize defense and security. We finance our army at our own expense. And we rely on our partners, in particular within the framework of the Platform, to cover social and recovery expenditures. The budget deficit for 2024 is estimated at about USD 43 billion," said Sergii Marchenko. 

    The parties also discussed the implementation of the IMF's Extended Fund Facility program for 2023-2026 totaling USD 15.6 billion and the launch of the EU's Ukraine Facility initiative worth EUR 50 billion for the next 4 years. These programs provide for the implementation of structural and sectoral reforms agreed by the parties. 

    Sergii Marchenko also noted that the priority of the Government of Ukraine is to ensure the effective, accountable and transparent use of donor funds.