Shmyhal: external support for the budget in the second half of 2024 remains the main challenge

Shmyhal: external support for the budget in the second half of 2024 remains the main challenge

Kyiv  •  UNN

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Ukraine's main challenge remains securing external budget support for the second half of 2024 and beyond, despite receiving USD 9 billion in external financing in March.

In March of this year, Ukraine's budget received $9 billion in external financing. However, the main challenge remains external support for the budget in the second half of 2024 and for the next year, Prime Minister Denys Shmyhal said during a meeting of the steering committee of the Multilateral Donor Coordination Platform on April 10, UNN reports

Details 

 The event was held in person for the first time in Kyiv.

In his speech, Shmyhal emphasized three strategic objectives of the donor platform. The first of them is  predictable budget support.

In March, we received $9 billion of external financing. However, the main challenge remains external support for the budget in the second half of this year and for the next year.

- said Shmyhal.

According to the Prime Minister, the second strategic task is to create a solid foundation for economic sustainability, which will help reduce the budget deficit.

 "With limited resources, the government should focus on urgent needs that will allow to form a sustainable military economy and unlock economic growth," the prime minister said. 

According to him, the third important area of work is the use of frozen Russian assets for the needs of Ukraine.

"We need to develop an appropriate compensation mechanism, work on the use of all assets, not just taxes and revenues," Shmyhal emphasized.

He also called for strengthening the work of the donor platform. He suggested holding higher-level meetings twice a year to address priority issues, summarize results, and conduct strategic planning.

Recall

According to the estimates of the Ministry of Finance of Ukraine, in March 2024, the general fund of the state budget received UAH 158.1 billion in taxes, fees and mandatory payments. In particular, UAH 105.7 billion were tax revenues, and another UAH 45.8 billion were payments from the State Customs Service