Ukraine’s Minister of Finance took part in the presentation of the OECD Report on Strengthening Financial Markets for Ukraine’s Recovery

On March 5, 2026, the Minister of Finance of Ukraine Sergii Marchenko participated in the presentation of the Organisation for Economic Co-operation and Development (OECD) report “Stronger Financial Markets and Institutions for Ukraine’s Recovery”, held at the OECD headquarters in Paris.

The event was also attended by Governor of the National Bank of Ukraine Andriy Pyshnyy, OECD Secretary-General Mathias Cormann, Chair of the OECD Committee on Financial Markets and Assistant Governor of the Bank of Japan Seiichi Shimizu, and OECD Director for Financial and Enterprise Affairs Carmine Di Noia.

The OECD report provides recommendations on strengthening financial markets, corporate governance, public debt management, consumer protection in financial services, and the development of the pension system, all of which are aimed at facilitating effective investment mobilization for Ukraine’s recovery.

During his remarks, Sergii Marchenko emphasized that despite the full-scale war, Ukraine’s financial system remains resilient thanks to prudent government policies and the support of international partners.

“Ukraine continues to manage its public debt responsibly to minimize long-term risks associated with its growth resulting from the increased State Budget deficit and defense expenditures caused by russia’s full-scale invasion. We are working diligently to ensure debt sustainability and create the conditions necessary for the country’s recovery,” the Minister of Finance noted.

On an annual basis, the debt portfolio has become cheaper and longer in maturity, reducing servicing costs and lowering refinancing risks in the medium term. As of January 31, 2026, the weighted average interest rate on public debt decreased to 4.51%, compared to 4.55% in December 2025 and 5.0% in January 2025. At the same time, the weighted average time to maturity reached 13.29 years, compared to 11.6 years in January 2025.

In 2025, the restructuring of GDP warrants was successfully completed. On December 24, 2025, with the support of 99.06% of investors’ votes, GDP warrants were exchanged for new Eurobonds and fully cancelled, improving budget predictability, strengthening debt sustainability, and eliminating potential payments in 2025–2041 estimated at up to USD 20 billion.

Domestic government bonds remain the second-largest source of State Budget financing (after ERA loans backed by future revenues from frozen russian assets). Even during the war, Ukraine continues to implement market development instruments, including switch auctions on the Bloomberg platform, which help increase market liquidity and extend borrowing maturities.

According to the Minister, the OECD recommendations largely align with the strategic objectives of the Medium-Term Public Debt Management Strategy for 2026–2028.

It should be recalled that in 2025 the Medium-Term Public Debt Management Strategy for 2026–2028 was approved. The Strategy sets three key objectives:

1. Increasing the share of grants and other non-debt financing to support state budget funding.

2. Reducing debt risks by lowering borrowing costs, extending maturities, and optimizing the debt structure.

3. Maintaining investor relations and stimulating the development of the domestic government bond market as an instrument for economic recovery.

The implementation of the OECD report’s recommendations will take place gradually, taking into account the security and economic situation, and will become an important element of preparations for Ukraine’s post-war recovery and its economic integration into international markets.