Minister of Finance of Ukraine Sergii Marchenko met with the newly appointed Minister of Finance of Japan Katsunobu Kato and Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Choi Sang-mok. The meetings took place on the sidelines of the IMF and World Bank Annual Meetings in Washington, D.C.

The meetings were also attended by the delegation of the Ministry of Finance including Deputy Ministers of Finance Olga Zykova, Yuriy Draganchuk and Svitlana Vorobey, as well as Government Commissioner for Public Debt Management Yuriy Butsa.

Sergii Marchenko stressed that expanding partnerships in the Asia region is strategically important for Ukraine. During the full-scale invasion, the Ministry of Finance of Ukraine continues to expand the geography of cooperation, strengthening ties with countries such as Japan and the Republic of Korea.

Together with Katsunobu Kato, the Ministers of Finance discussed the cooperation between Ukraine and Japan as well as plans for the future partnership between the countries. The Ukrainian side congratulated Mr. Katsunobu on his appointment and expressed hope for further constructive cooperation.

“Despite the geographical distance of thousands of kilometres, Japan is one of the leaders in supporting Ukraine in all possible ways. Since the beginning of the full-scale invasion, Japan has already provided over USD 6.3 billion in support. These funds have become vital for maintaining the economic and financial stability of our country. I am also grateful for the leadership in consolidating the efforts of the international community, which Japan demonstrated during its presidency of the G7 in 2023. And even after that, Japan continued to keep the international community focused on Ukraine’s needs.

Together with the new Government of Japan, we will continue our dialogue to build on existing and new mechanisms of cooperation. One of them is the use of immobilised russian assets for the critical needs of Ukraine,” said Sergii Marchenko.

Funds from Japan for budget support were raised through six World Bank projects: PEACE in Ukraine, INSPIRE, ARISE, HOPE, HEAL, and the Development Policy Loan. As well as through the Japan International Cooperation Agency (JICA). Funding from Japan has helped to support the social sector, restore damaged critical infrastructure, healthcare, education, and support agribusiness.

During a meeting with Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea Choi Sang-mok, the Korean side emphasised the Korean government’s solidarity with Ukraine.

“I am grateful to the Government of Korea for its support of Ukraine, in particular, for its willingness to provide direct budget support to Ukraine for the first time. The launch of new joint programmes and the membership of Korea in the Ukraine Donor Platform strengthen the partnership between the countries. Currently, the priority is the economic development of Ukraine and support for its citizens", the Minister of Finance of Ukraine said.

As a reminder, on 2 October, the Ministry of Finance of Ukraine signed a loan agreement with the Export-Import Bank of Korea to raise USD 100 million. These funds will be the first tranche from Korea to Ukraine.

The loan is a part of the Agreement between the Governments of Ukraine and the Republic of Korea, which allows Ukraine to attract loans of up to USD 2.1 billion over the period 2024-2029.