Marchenko: Ukraine needs about three billion dollars in aid every month this year
Kyiv • UNN
According to Ukraine's Finance Minister Sergii Marchenko, Ukraine's monthly need for external financing in 2024 will reach about UAH 3 billion.
In 2024, Ukraine's monthly need for external financing will reach about $3 billion. This was stated by the Minister of Finance of Ukraine Sergii Marchenko during an online meeting of the G7 financial bloc, UNN reports.
Details
On February 28, Ukraine's Finance Minister Sergii Marchenko delivered an online speech at the G7 financial bloc meeting. The event was attended by finance ministers and central bank governors of the G7 member states, as well as the leadership of the IMF, the World Bank, the European Commission, and the OECD.
Marchenko noted the key role of G7 support in ensuring the balance of Ukraine's state budget and economic recovery in 2023. It is noted that since February 2022, the financial support of the G7 and the EU has amounted to about USD 63 billion.
In 2023, Ukraine's financial system was resilient and the economy recovered faster than expected. The prudent policies of the Government of Ukraine, together with the consistent support of our international partners, have been crucial to our achievements. It is important to maintain this trend. In 2024, the monthly need for external financing will reach about USD 3 billion. Further rhythmic budgetary assistance is vital to ensure social spending. We cannot afford a delay in attracting external financing
Addendum
The Ministry said that the Finance Ministry has taken all the necessary measures to maintain financial stability in early 2024 amid uncertainty about international assistance.
The effectiveness of these decisions was noted by IMF experts during a recent mission. These include a series of measures to maximize state budget revenues and to boost the domestic borrowing market.
International partners also noted the effectiveness of the current financial policy of the Ministry of Finance of Ukraine, which helps to maintain budget liquidity
U.S. Treasury Secretary Janet Yellen emphasized the active work of the U.S. Administration to approve the 2024 aid package for Ukraine.
In any scenario, international cooperation and coordination of efforts are essential for Ukraine's victory in the war. The situation Ukraine is facing is unprecedented in recent decades: the aggressor has significant resources and is strengthening its cooperation with countries that have been sanctioned by the G7. The assistance of international donors is not just a financial issue, but an opportunity to support millions of Ukrainians in need and save the lives of thousands of soldiers
They also discussed the possibility of settling the issue of confiscation of Russian assets. First, this will allow Ukraine to attract additional resources, and second, Russia will feel that its aggressive war will not go unpunished.
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