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  • Sergii Marchenko met with leadership of USAID, European Commission and Australian Treasury during the IMF and WB Spring Meetings
    Ministry of Finance of Ukraine, posted 19 April 2024 07:31

    On the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C., Minister of Finance of Ukraine Sergii Marchenko held a series of meetings with the Administrator of the United States Agency for International Development (USAID), the European Commissioner and the Australian Treasurer.

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

    • Meeting of the Prime Minister of Ukraine Denys Shmyhal and Minister of Finance Sergii Marchenko with Administrator of the USAID Samantha Power.

    The parties emphasized the importance of providing Ukraine with resources for the rapid recovery of critical infrastructure, particularly the energy sector.

    Sergii Marchenko noted that the Ministry of Finance of Ukraine is actively cooperating with international financial organizations to implement projects to restore and rebuild the destroyed and damaged infrastructure:

    “Restoring and protecting the energy sector is a priority for the Government, as it is primarily about the safety of citizens and economic stability. According to the RDNA3 report, Ukraine needs about USD 15 billion for rapid recovery in 2024. However, given the enemy’s systematic attacks on energy facilities, which have resulted in the destruction of more than 80% of thermal power plants, this need is constantly growing.”

    In this context, the key role of the Multi-agency Donor Coordination Platform for Ukraine in consolidating the efforts of international partners in the recovery process was noted.

    • Meeting with EU Commissioner for Economy Paolo Gentiloni.

    “Despite the constant challenges posed by the russian terror, Ukraine has been committed to its European vector, implementing reforms and harmonizing its legislation with EU. And the support of European partners is essential for Ukraine to withstand the fight against the aggressor. I am grateful to the European Union for its timely and rhythmic support under the EU Macro-Financial Assistance programs and the Ukraine Facility. The funds attracted allow the Government to ensure timely priority State Budget expenditures, directing more domestic resources for defense and security,” said Sergii Marchenko.

    Since February 2022, more than EUR 200 billion of frozen russian assets have been held in the administrative accounts of the EU member states.

    In this context, the participants of the meeting emphasized the importance of creating a reliable mechanism for the use of the seized assets of the russian federation for the benefit of Ukraine. The confiscated assets should become the basis for further financing of priority State Budget expenditures and reconstruction of Ukraine, as the need for additional funding will continue in the coming years, especially in 2025. This is another step towards making the aggressor pay for its crimes.

    • Meeting with Treasurer of Australia Jim Chalmers.

    The topics discussed included the key needs of Ukraine and the attraction of external assistance from partners to protect and restore the damaged critical infrastructure.

    The Minister of Finance emphasized that critical infrastructure, in particular the energy system, needs reliable protection from the constant threat of russian shelling. After the latest attacks by russia, millions of Ukrainians are once again facing a lack of electricity. Restoring energy infrastructure is essential for the security of Ukrainians and the development of the country’s economy. In this context, the support of partners is crucial.

    Jim Chalmers noted that the Australian Government is ready to work on further cooperation between the two countries, particularly in the area of recovery.