New members of the Donor Coordination Platform will allocate more than $5.5 billion for Ukraine's reconstruction
Kyiv • UNN
The new members of the Donor Coordination Platform will commit more than $5.5 billion to Ukraine's recovery to help avoid financial instability in 2024.
The members of the steering committee of the interagency Donor Coordination Platform emphasized the need for budget support for Ukraine for 2024, which will help avoid financial instability. This is reported by the Ministry of Finance of Ukraine, UNN reports.
Details
The first meeting of the committee this year was held on February 14 and was co-chaired by Mike Pyle, Deputy National Security Advisor for International Economics at the White House, Gert-Jan Koopman, Director General of the European Commission, and Sergii Marchenko, Minister of Finance of Ukraine.
The parties welcomed the recent decision of the European Union on a 4-year Ukraine Facility with a total amount of EUR 50 billion. The participants also noted the prompt provision of budgetary support by donors, in particular Japan and Norway.
However, it was noted that additional support from other donors is necessary to meet the financing needs of Ukraine's budget for 2024 and prevent a financial crisis
Participants emphasized the urgency of meeting Ukraine's budgetary support needs for 2024 to avoid negative consequences for Ukraine's financial and economic stability. They emphasized the need for urgent action to finance further needs.
This year, new members joined the platform - the Republic of Korea, the Netherlands, Norway, and Sweden. These countries have committed to jointly allocate more than USD 5.5 billion for Ukraine's economic recovery and reconstruction.
Recall
The permanent members of the Platform are Italy, Canada, the European Commission, France, Germany, Japan, Ukraine, the United Kingdom, and the United States of America. Representatives of Denmark, Estonia, Latvia, Lithuania, Poland, and Spain were also invited to attend the meeting as observers.