Ukraine, EU discuss cooperation within large-scale macro-financial assistance

According to the Finance Ministry’s press service, at a meeting in Stockholm, Sweden, Marchenko thanked the European Union for its leadership in providing financial assistance to Ukraine.

“Thanks to the EU's support, priority budget payments were made on time during the war. For this year, the MFA program provides Ukraine with concessional financing of up to EUR 18 billion, including EUR 6 billion that has already been directed to the State Budget. This is undoubtedly a substantial contribution to the financing of the budget deficit and support for the country's economy under martial law," said Marchenko.

He stressed that the Government of Ukraine continues implementing structural reforms to become a member of the European Union.

"We are actively taking measures to perform the conditions for obtaining candidate status, including the Ministry of Finance is involved in bringing anti-money laundering legislation in line with FATF standards. We are ready to further deepen our cooperation to ensure Ukraine's early accession to the EU and efficient use of financial resources,” Marchenko said.

The Finance Ministry noted that considering active hostilities and the resulting economic stagnation, Ukraine needs the support of its international partners to implement a rapid recovery. Out of the $14.1 billion needed for 2023, the State Budget provides for $3.3 billion. The parties discussed tools for mobilizing the necessary resources. 

Marchenko thanked the European Union for its intention to contribute to the financing of urgent recovery and noted that rapid mobilization of funds is vital.

As reported, according to World Bank estimates, the recovery of Ukraine's economy after the end of the war unleashed by Russia will cost $411 billion.