Representatives of the Government of Ukraine, the G7 countries and the EU held the first offline meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform in Kyiv

On April 10, the ninth meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform for Ukraine was held. For the first time, representatives of the Government of Ukraine, the G7 countries and the European Union held the event offline in Kyiv. The visit of the key partners to Kyiv is a testament to their solidarity with the Ukrainian people and their commitment to strengthen cooperation with Ukraine. 

The agenda included covering Ukraine's budgetary needs in 2024 and 2025, as well as reconstruction and implementation of structural reforms.

The event was attended by Prime Minister of Ukraine Denys Shmyhal, Co-Chair of the Platform from Ukraine, Minister of Finance Sergii Marchenko,First Deputy Prime Minister of Ukraine, Minister of Economy of Ukraine Yuliia Svyrydenko, Deputy Prime Minister for Restoration, Minister for Communities, Territories and Infrastructure Development Oleksandr Kubrakov, Director-General for Neighborhood and Enlargement Negotiations Gert-Jan Koopman from the European Commission, Deputy National Security Advisor for International Economics Daleep Singh and U.S. Special Representative for Ukraine's Economic Recovery Penny Pritzker from the United States, as well as representatives of the G7 countries, the European Commission, and IFIs.

Sergii Marchenko spoke about the state of the financial system, the measures taken to maximize State Budget revenues and the needs for 2024: 

"The Ministry of Finance is actively working to increase State Budget revenues. Measures to support budget liquidity in the first quarter of 2024 allowed us to increase domestic revenues by USD 5.4 billion. At the same time, in the context of a full-scale war, when the aggressor has much more resources and causes million-dollar losses to Ukraine every day, international support is crucial. In 2024, external funding reached USD 10.2 billion. I am grateful to the EU, Japan, Canada, the IMF, the UK, and Norway for their budget support, which is directed to the country's priority social needs. We hope that the U.S. Congress will soon support the aid package necessary for us to win the war." 

The Minister of Finance added that the need for additional funding for both priority budget expenditures and recovery will continue in the coming years, especially in 2025. One of the solutions should be the use of frozen russian assets, considering that russia is the reason for large-scale destruction and losses in Ukraine.   

During the discussion of rapid recovery, the participants noted that rebuilding the energy sector is a major challenge. The recent shelling has left millions of people without reliable access to electricity. Almost 80% of Ukraine's thermal power plants were destroyed. Restoring the energy infrastructure is essential for the security of Ukrainians and the development of the country's economy.

It was highlighted that engaging the private sector is one of the priorities for effective recovery. 

Sergii Marchenko also named measures that will strengthen the Government of Ukraine and international partners' effectiveness in the rapid recovery:

• Focusing on financial sustainability and the war economy. Supporting the war economy will make Ukraine more self-sufficient in financial terms.

• Prioritization and transparency of the use of funds. 

• Strengthening public investment management. With limited and expensive resources, there is a need to clearly define Ukraine's investment priorities. Ukraine's economy should benefit from every euro, dollar, or hryvnia spent on reconstruction. 

The Minister of Finance once again emphasized Ukraine's readiness to implement reforms and perform the conditionalities under the cooperation with international partners:

"The Government of Ukraine demonstrates its commitment to implementing the measures that have been identified in cooperation with our partners and to strengthening our cooperation with international institutions. We have recently completed the third review of the IMF EFF Arrangement, which allowed us to attract USD 880 million to the State Budget. The World Bank approved a USD 1.5 billion Growth Foundations Development Policy Loan. The EU has approved the EUR 50 billion Ukraine Facility, of which the State Budget has already received EUR 4.5 billion." 

Sergii Marchenko noted that it is important to continue implementing reforms that will contribute to economic growth in the short term. The key areas are human capital, export development, energy, private investment, transport and logistics. 

The participants of the Platform emphasized their unwavering support for Ukraine and their readiness to strengthen cooperation to boost Ukraine's economy and accelerate the victory in the war.

Following the Steering Committee meeting, a joint communiqué was published.