During the working visit to Washington, USA, Minister of Finance of Ukraine Sergii Marchenko met with European Commission Executive Vice-President Valdis Dombrovskis.

Deputy Minister of Finance Olga Zykova, Government Commissioner for Public Debt Management Yuriy Butsa and Deputy Minister of Finance for European Integration Yuriy Draganchuk also took part in the meeting.

The parties discussed the economic consequences of the russian full-scale invasion of Ukraine and further cooperation within the framework of the EU Macro-Financial Assistance (MFA).

Sergii Marchenko expressed his gratitude to Valdis Dombrovskis for the financial support and lobbying of Ukrainian interests on the international arena.

"Since the beginning of the full-scale invasion, Ukraine has received EUR 2.2 billion of Macro-Financial Assistance from the EU and expects an additional EUR 5 billion by the end of the year. Due to the support of the EU, priority budget payments were made in a timely manner during the war. It is important for us to keep ensuring the functioning of the economy and the financial system", said the Minister of Finance of Ukraine.

The total amount of EU Macro-Financial Assistance provided to Ukraine will reach EUR 12.21 billion (taking into account EUR 5 billion of the eighth program of EU MFA and already received by Ukraine loans during 2014-2022 of seven programs).

Also during the meeting, the Minister of Finance emphasized the need to increase sanctions pressure on russia to stop financing its war machine, as already implemented sanctions do not have the impact that the aggressor deserves.

The parties agreed to continue constructive dialogue on strengthening cooperation, in particular, about providing Ukraine with additional predictable financing in the coming year to preserve financial stability.

Background

In May and March 2022, Ukraine received two tranches of the 6th Macro-Financial Assistance of the European Union of EUR 1.2 billion.

On August 1 and 2 this year, Ukraine received two tranches of EUR 500 million as part of the EU's 7th Macro-Financial Assistance.

On September 7, 2022, the European Commission announced a decision to allocate additional financial support resources to Ukraine in the amount of EUR 5 billion. On October 3, the Parties signed the Memorandum of Understanding and the Loan Agreement between Ukraine and the European Union regarding the receipt of the assistance.