Ukraine and the United States agree to develop partnership in economic recovery projects
Kyiv • UNN
The Minister of Finance of Ukraine met with representatives of the United States to discuss economic recovery. The parties agreed to develop a partnership in reconstruction projects and discussed financial support for Ukraine.
Ukraine and the United States have agreed to develop partnerships in economic recovery and reconstruction projects. This is reported by UNN with reference to the Ministry of Finance.
“Today, on September 6, Minister of Finance of Ukraine Sergii Marchenko met with the U.S. Under Secretary of State for Management and Resources, incoming Special Representative for Ukraine's Economic Recovery Richard Verma,” the statement reads.
It is noted that the meeting was attended by Deputy Minister of Finance of Ukraine Oleksandr Kava and US Ambassador Extraordinary and Plenipotentiary to Ukraine Bridget Brink.
“The United States of America is the largest donor of grant budget support to Ukraine - about USD 26.8 billion in non-repayable funding. Since the first days of the full-scale invasion, the funds raised have become a key resource for social and humanitarian expenditures of the state budget. Moreover, this financing did not create an additional debt burden on the budget.
The United States' assistance in recovery, including funding for energy sector support and humanitarian initiatives, is also crucial for the country in the midst of war,” Marchenko said.
It is reported that for 2024, budget support from the United States is envisaged in the amount of USD 7.8 billion. Ukraine has already received the first tranche of USD 3.9 billion this year.
“The parties discussed Ukraine's current needs for financing the state budget and rapid recovery, as well as the process of prioritizing existing public investment projects (Single Project Pipeline),” the statement said.
As part of the Strategic Investment Council, the Government of Ukraine, together with international partners, aims to introduce a Unified Project Portfolio of Public Investments, which will help identify which initiatives need more timely funding and implementation.
“It is important to have a single mechanism for prioritizing and objectively evaluating projects. We are currently working in this direction. The ultimate goal is to efficiently allocate limited financial resources to achieve the best result for the state and citizens. The priority remains the energy sector, social security and rapid recovery,” the Minister of Finance added.
Richard Verma emphasized that the United States is committed to supporting Ukraine and assured of its continued active participation in the process of economic recovery and reconstruction.
