Fourth meeting of the Steering Committee for the Multi-Agency Donor Coordination Platform for Ukraine

Today, June 21, the fourth meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform for Ukraine took place in the framework of the Ukraine Recovery Conference in London.

The meeting was attended by the Prime Minister of Ukraine Denys Shmyhal, Minister of Finance of Ukraine Sergii Marchenko, Deputy Prime Minister for Restoration of Ukraine Oleksandr Kubrakovm White House Deputy National Security Advisor for International Economics Michael Pyle for the United States and Directorate-General Neighbourhood and Enlargement Negotiations Gert Jan Koopman for the European Commission, as well as representatives of the G7 countries, European Commission and IFIs. 

The parties discussed the results of the Platform's work to meet Ukraine's urgent financial needs in 2023, as well as mobilizing resources for recovery and reconstruction and aligning them with priority projects.

The Minister of Finance thanked the colleagues for their fruitful cooperation since the start of the Steering Committee's work. During the 5 months of the Platform's operation, the team of the Ministry of Finance in cooperation with foreign donors has achieved significant results in raising funds to finance the budget deficit and for the recovery.

"In January 2023, when the first meeting was held, we set ourselves two goals: to raise the necessary funding to cover the budget deficit in 2023 and funds for rapid recovery and reconstruction. With regard to the first objective, we quickly achieved the required result. Our partners assured us of their support for Ukraine in financing the budget deficit by the end of the year. In particular, we have a full-fledged program with the IMF for 4 years, which gives us confidence in financial stability," Sergii Marchenko said during the meeting.

The Minister of Finance also thanked the European Commission for the proposal announced on June 20 to provide Ukraine with EUR 50 billion of concessional funds over the next 4 years for budgetary needs and recovery.

"At the beginning of the full-scale invasion, we needed to attract predictable funding to implement the State Budget in a timely manner and in full. In particular, we have achieved this within the framework of the Platform. During the first 5 months of 2023, we have stable external financing, as well as assurances of continued support and new financial cooperation programs," said Sergii Marchenko.

The participants noted that there is an urgent need to synchronize available resources with the highest priority reconstruction projects to ensure the effective use of foreign aid. 

The parties agreed to continue to cooperate in attracting the necessary resources for the reconstruction of the country.