On April 9, Minister of Finance of Ukraine Sergii Marchenko and World Bank Regional Country Director for Eastern Europe Arup Banerji held a meeting to discuss the implementation of joint projects and the mobilization of financial resources needed for Ukraine.

The meeting was attended by First Deputy Minister of Finance of Ukraine Denys Uliutin, Deputy Minister of Finance Olga Zykova, Deputy Minister of Finance Roman Yermolychev and Government Commissioner for Public Debt Management Yuriy Butsa. The World Bank was represented by Country Manager for Ukraine Gevorg Sargsyan and Program Leader for Economic Policy for Eastern Europe Karlis Smits.

The Minister of Finance thanked the Bank’s representatives for the timely, stable and crucial support provided through joint projects since February 2022.

“Since the first days of the full-scale invasion, the World Bank has developed a number of mechanisms that have helped to attract the Bank’s own funds and funds of development partners for the priority needs of the State Budget, in particular for social and humanitarian expenditures, as well as for the restoration of critical infrastructure, ensuring the provision of critical educational and medical services, supporting agricultural producers and continuing reforms,” the Minister of Finance said.

In 2022-2023, the volume of the World Bank’s ongoing project portfolio in Ukraine is the largest for all years of cooperation. Since February 2022, the state budget of Ukraine has received loans and grants worth about USD 31 billion as part of the financial resources mobilized by the World Bank, in particular through the mechanisms of the Multi-Donor Trust Funds. Currently, the portfolio of joint projects includes 19 investment projects and 3 systemic projects, totalling more than USD 9 billion and EUR 1 billion.

The meeting also discussed the Government of Ukraine’s implementation of the reforms identified in cooperation with donors and noted the importance of the Reforms Matrix analytical tool. The Matrix was presented in February 2024, during the eighth meeting of the Steering Committee of the Multi-agency Donor Coordination Platform for Ukraine.

“Despite the ongoing challenges caused by the war, we continue to implement agreed measures and reforms in cooperation with the World Bank, the EU, the IMF, the US and the G7. The Reforms Matrix is aimed at strengthening the Government’s capacity in this process. Ukraine remains committed to the reform agenda to promote economic development and recovery of the country,” added Sergii Marchenko.

Since February 2022, thanks to the active work of the Government team and the World Bank, Ukraine managed to attract USD 4.5 billion in a number of Development Policy Loans (DPLs). Further implementation of all the necessary measures will ensure the preparation and conclusion of the second agreement in the series of Growth Foundations Development Policy Loans, which in turn will allow Ukraine to attract additional budget support by the end of 2024.