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Government is working on new OECD initiatives to enhance Ukraine's economic and fiscal resilience

Ministry of Finance of Ukraine, posted 11 March 2025 18:22

Today, on 11 March, the Committee of the Organisation for Economic Co-operation and Development (OECD) held a meeting to discuss the draft economic review of Ukraine prepared by OECD experts. This is the first task of the Action Plan for the implementation of the OECD Programme for Ukraine.

The Ministry of Finance was represented by Deputy Minister of Finance Roman Yermolychev and relevant heads of departments.

In his speech, Roman Yermolychev stressed that Ukraine appreciates the thorough analysis and constructive proposals of the OECD which will help to identify further steps to strengthen Ukraine's economic and financial stability.

The Deputy Minister of Finance also informed about the results of the reforms carried out by the Ministry of Finance, namely:

  • Processes of tax and customs administration have been improved, the national tax and customs legislation of Ukraine adapted to the EU legislation, and the National Revenue Strategy until 2030 approved;
  • Plans for the reform of the State Tax Service and the reform of the State Customs Service for 2024-2030 were approved;
  • Medium-Term Public Debt Management Strategy for 2024-2026 was approved;
  • Process of reforming public investment management continues, the Roadmap for Reforming Public Investment Management has been approved, the Strategic Investment Council and the Interagency Working Group on Reforming the Public Investment Management System established;
  • Mechanism of financial support for Ukrainian business was improved by providing state guarantees on a portfolio basis;
  • Strategy for Reforming the Public Procurement System for 2024-2026 and the Strategy for Implementing Sustainable Development Reporting by Enterprises were approved.

"Today, the Government of Ukraine is taking all the necessary measures to implement the OECD Programme for Ukraine and is working on new OECD initiatives aimed at ensuring macroeconomic stability, maintaining fiscal sustainability, and attracting investments for a decent future for every citizen of Ukraine," Roman Yermolychev said in his speech, assuring that the Government would not stop on the path of reforms envisaged by international commitments.

Following the assessment of the draft economic review and the identification of key recommendations, Ukraine received assurances of further support from most OECD countries, namely: Poland, New Zealand, Austria, the Netherlands, Italy, Canada, Korea, France, Chile, the United Kingdom, Latvia, Norway, Lithuania, Japan, Australia, Sweden, Germany, the Czech Republic, Slovakia, Switzerland, and Estonia.

It is worth reminding that the OECD is an international organisation with 38 member countries. The OECD was established in 1961 on the basis of the European Organisation for Economic Cooperation, which was founded to manage U.S. and Canadian aid under the Marshall Plan for the reconstruction of Europe after World War II.

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