The Minister of Finance of Ukraine held talks with the IMF and the European Commission on the budget needs
Kyiv • UNN
Ukraine's Minister of Finance Sergii Marchenko discussed Ukraine's budgetary needs, fulfillment of the IMF program and implementation of reforms with the IMF and the European Commission during his visit to Washington.
During a working visit to Washington, DC, as part of the IMF and World Bank Group Spring Meetings, Ukrainian Finance Minister Sergii Marchenko held a series of meetings with leaders of the International Monetary Fund and the European Commission. This was reported by the Ministry of Finance, UNN writes.
Details
The main topic of the meetings was Ukraine's compliance with the IMF's Extended Fund Facility (EFF) program.
In 2024, the EFF program has allocated budgetary assistance to Ukraine in the amount of USD 5.4 billion. The first phase of the program, which includes the successful completion of the review, has been completed and Ukraine has received $880 million.
The continued functioning of the IMF program is extremely important, and Ukraine is responsibly fulfilling the jointly agreed terms of cooperation. The implementation of these measures and policies will help maintain macrofinancial stability and facilitate the country's European integration. In 2024, under the EFF program, we expect to successfully complete three more reviews and, as a result, attract budget support in the amount of $4.5 billion
The total amount of the EFF program for the period from 2023 to 2027 is $15.6 billion and is part of a broader package of international support for Ukraine, which currently reaches approximately $122 billion.
During the meeting, Sergii Marchenko outlined the priorities of the Ukrainian state budget for 2024, noting that the largest part of expenditures is for security and defense, which amounts to $46 billion. He also emphasized the importance of timely financing of social payments and noted the critical importance of financial support from international partners at this time.
They also discussed the state of implementation of reforms, in particular those that are a condition for receiving EU assistance. Ukraine's plan includes 69 reforms and 10 investment markers, divided into 146 qualitative and quantitative indicators.
Ukraine has already implemented some of the indicators, in particular, in February 2024, the Ministry of Finance of Ukraine approved the Strategic Plan for the Digitalization of the State Customs Service.
Recall
This week's IMF and World Bank meetings are to discuss unblocking frozen Russian assets to support Ukraine's resistance and long-term recovery.
