Sergii Marchenko and Chargé d'Affaires of the United Kingdom in Ukraine Charlotte Surun discussed Ukraine’s budgetary needs for the coming years

On July 29, Minister of Finance of Ukraine Sergii Marchenko met with the UK Chargé d’Affaires in Ukraine Charlotte Surun.

The meeting was also attended by Deputy Minister of Finance Olga Zykova and Government Commissioner for Public Debt Management Yuriy Butsa.

The parties discussed the current economic situation in Ukraine, budgetary needs for 2026-2027, ongoing reforms, and further cooperation with the International Monetary Fund.

Sergii Marchenko expressed gratitude to the UK for its unwavering solidarity and financial assistance since the beginning of russia’s full-scale invasion, including support aimed at strengthening Ukraine’s defense capabilities.

He highlighted the recently signed Loan Agreement backed by the UK Export Finance Agency (UKEF) for nearly GBP 1.7 billion (about USD 2.3 billion). These funds, raised under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism, are directed toward the procurement of defense materials and other goods and services in the UK, which will be delivered to Ukraine. The UK’s total contribution to the G7 ERA initiative, valued at USD 50 billion, stands at GBP 2.26 billion (about USD 3 billion).

The participants of the meeting also discussed the potential for the future confiscation of all frozen russian sovereign assets.

The UK remains one of the leading providers of financial support to Ukraine. Since February 2022, the country has provided USD 3 billion in direct budget support.

Sergii Marchenko noted that thanks to the joint efforts of the Government of Ukraine and international partners, the external financing needs for this year - USD 39.3 billion - are fully secured. The Government is currently working with partners to obtain commitments for financing in the coming years. Ukraine has already secured commitments for USD 37.4 billion in financial assistance for 2026-2027.

The parties also addressed Ukraine’s cooperation with the IMF. Following eight successful reviews of the IMF Extended Fund Facility (EFF) Program, Ukraine has already secured USD 10.6 billion in financial support for the State Budget. Minister Marchenko stressed that continued collaboration with the IMF remains a Government priority, as Fund experts provide essential guidance for implementing financial programs and structural reforms that strengthen Ukraine’s resilience.

In turn, Charlotte Surun reaffirmed the UK Government’s commitment to continuing its comprehensive support for Ukraine.

Earlier this year, UK Prime Minister Keir Starmer and President Volodymyr Zelenskyy signed a historic 100-year partnership agreement in Kyiv. The agreement aims to deepen bilateral relations in defense, expand economic and trade cooperation, and strengthen collaboration in justice etc.