International cooperation is necessary to win the war. The monthly need for external financing is about $3 billion: Sergii Marchenko at the meeting of the G7 financial bloc

On February 28, Minister of Finance of Ukraine Sergii Marchenko delivered an online speech at a meeting of the G7 financial bloc. The event was attended by finance ministers and central bank governors of the G7 member states, as well as the management of the IMF, the World Bank, the European Commission, the OECD. 

Sergii Marchenko emphasized the key role of G7 support in ensuring the balance of Ukraine's State Budget and economic recovery in 2023. Financial support from the G7 and the EU has reached about USD 63 billion since February 2022. 

"In 2023, Ukraine's financial system was resilient and the economy recovered stronger than expected. The prudent policies of the Government of Ukraine, together with the consistent support of our international partners, played a crucial role in our achievements. We should maintain this progress. In 2024, the monthly need for external financing reaches about USD 3 billion. Further rhythmic budgetary assistance is vital to ensure social expenditures. We can’t allow any delay in attracting external financing", the Minister of Finance of Ukraine said.

The Ministry of Finance has taken the necessary measures to maintain financial stability in early 2024 amid uncertainty over international assistance. The effectiveness of these decisions was highlighted by IMF staff during a recent mission. The measures include steps to maximize State Budget revenues and boost the domestic debt market.

The partners emphasized the efficiency of the current financial policy of the Ministry of Finance of Ukraine, which helps to maintain budget liquidity. The G7 countries assured that they will continue to provide assistance.

Sergii Marchenko thanked Japan, the United Kingdom and Canada for their intention to provide financial assistance in the near future, as well as the EU for supporting the launch of the Ukraine Facility for four years. 

U.S. Secretary of the Treasury Janet Yellen emphasized the intensive efforts of the U.S. Administration to approve the 2024 aid package for Ukraine.

"In any scenario, international cooperation and coordination of efforts are essential for Ukraine's victory in the war. Yet, we acknowledge that Ukraine's situation is unprecedented in recent decades, with the aggressor possessing significantly greater resources and strengthening its cooperation with countries G7 have sanctioned. The assistance of international donors is not merely a financial matter, it is about supporting millions of Ukrainians and saving the lives of thousands of Ukrainian warriors," the Minister of Finance said.

The parties also discussed the possibility of resolving the issue of confiscation of russian assets. First, this will allow Ukraine to attract additional resources, and second, russia will feel that its aggressive war will not go unpunished.