Minister of Finance of Ukraine met with representatives of the US government and the White House to discuss the state budget and the use of Russian assets
Kyiv • UNN
Ukraine's Finance Minister met with U.S. officials to discuss Ukraine's estimated $37.2 billion state budget needs for 2024, the use of confiscated Russian assets to rebuild Ukraine, and assistance in restoring critical infrastructure damaged by Russian attacks.
On April 15, a delegation of the Ministry of Finance began its working visit to the IMF and World Bank Spring Meetings in Washington, D.C., with meetings with representatives of the U.S. government and the White House. The meetings discussed the needs of the state budget in 2024 and the use of Russian assets. This was reported by UNN with reference to the Ministry of Finance.
Details
In particular, the delegation of the Ministry of Finance met with the U.S. Under Secretary of the Treasury for International Affairs Jay Shambaugh. The parties discussed the needs of the state budget of Ukraine in 2024.
Since February 24, 2022, the total amount of budgetary assistance from the United States has reached about USD 23 billion. The funds raised have made a significant contribution to the stability of our country's financial system. Currently, the priority is to provide the Armed Forces with the necessary resources to successfully counter the aggressor, while providing priority social and humanitarian services to Ukrainian citizens. Preserving U.S. assistance is critical. We hope that the U.S. Congress will take the appropriate decision to approve the 2024 aid package for Ukraine as soon as possible
The delegation of the Ministry of Finance also met with Dalip Singh, Deputy National Security Advisor for International Economics at the White House, with whom they discussed the budgetary needs for the current year. Marchenko noted that about half of the expenditures in 2024 will be directed to the security and defense sector.
"Given the growing need to finance defense, which is carried out exclusively at the expense of domestic resources, attracting external financing for social and humanitarian budget expenditures is crucial. The need for 2024 is USD 37.2 billion, of which USD 10.2 billion has already been raised," Marchenok said.
They also reportedly discussed the measures taken by the Ukrainian government to mobilize an additional USD 5.4 billion in the first quarter of 2024 and the revitalization of the domestic debt market. This year, the issue of domestic government bonds helped to attract USD 3.5 billion to the state budget.
The parties emphasized that Russia must be held accountable for its crimes and that one way to do so is to use the confiscated assets for the benefit of Ukraine, in particular for priority social and military needs and further recovery. Possible mechanisms included directing the proceeds from the sale of confiscated assets to the needs of Ukraine.
It is estimated that since the beginning of the full-scale invasion, the partner countries have frozen sovereign assets of the Russian Federation totaling about 280 billion US dollars.
He also met with U.S. Under Secretary of State for Economic Growth, Energy and the Environment Jose V. Fernandez.
The key topics for discussion were Ukraine's needs for rapid recovery, especially in the energy sector and critical infrastructure.
In the face of constant missile threats to the stable operation of the energy sector, the assistance of partners is key. In addition to ensuring the protection of airspace, it is necessary to address the existing consequences of Russian terror in a timely manner by restoring critical facilities. The Government of Ukraine is actively working with donors to attract the necessary assistance for the implementation of reconstruction and recovery projects
The Minister of Finance also emphasized the importance of strengthening restrictive measures and sanctions against Russia.
