The Minister of Finance of Ukraine Sergii Marchenko held an online meeting with the Minister of Finance of the Netherlands Sigrid Kaag

Today the Minister of Finance of Ukraine Sergii Marchenko held an online meeting with the Minister of Finance of the Netherlands Sigrid Kaag.

Sergii Marchenko thanked Sigrid Kaag for many years of partnership and stressed that in wartime with Russia, assistance from European partners is very important for Ukraine.

“I am grateful to the Netherlands for its support, in particular for the recent decision to provide Ukraine with credit guarantees under the World Bank's program Financing of Recovery from Economic Emergency in Ukraine - FREE Ukraine of USD 89 million”, said the Minister of Finance of Ukraine.

At the same time, Sergii Marchenko stressed the need to terminate the membership of Russia and Belarus in the IMF and all organizations of the World Bank Group due to violations of international law by these two countries. They jeopardized the mandates of organizations by violating articles of the IMF and IBRD Agreements. The Minister of Finance of Ukraine expressed hope for the support of the Netherlands in this matter.

The Ministry of Finance of Ukraine is actively cooperating with the G7 countries on a potential instrument for granting Ukraine special borrowing rights issued by the International Monetary Fund. The negotiations are also about the way to increase the number of countries that will be able to join the mechanism and provide SDRs. In the context of this issue, Sergii Marchenko noted that the experience of the Ministry of Finance of the Netherlands will be useful in structuring and implementing such a mechanism.

The World Bank's Board of Executive Directors approved more than USD 489 million in development policy loans entitled Financing of Recovery from Economic Emergency in Ukraine - FREE Ukraine between Ukraine and the International Bank for Reconstruction and Development.

USD 350 million will be a loan from the World Bank, USD 139 million - loan guarantees from the Netherlands and Sweden.