Sergii Marchenko discussed Ukraine’s 2026 financing needs and continued budget support with international partners in Riga

On June 6, Ukraine’s Minister of Finance, Sergii Marchenko held a series of meetings with international partners on the sidelines of the 2026 Annual Meeting and Business Forum of the European Bank for Reconstruction and Development (EBRD) in Riga, Latvia.

In particular, Sergii Marchenko met with President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, and  Switzerland’s new Alternate Governor, Ambassador Pietro Lazzeri; European Commissioner for Economy and Productivity Valdis Dombrovskis; Chancellor of the Exchequer of the United Kingdom Rachel Reeves; State Secretary at the Swedish Ministry of Finance Johanna Lybeck Lilja; and Deputy Assistant Secretary (Acting) for Europe & Eurasia in U.S. Department of the Treasury William Beach. 

The meetings were also attended by Deputy Minister of Finance of Ukraine Olga Zykova, Deputy Minister of Finance of Ukraine for European Integration Yuriy Draganchuk, and Government Commissioner for Public Debt Management Yuriy Butsa. 

The parties discussed Ukraine’s budgetary needs for 2026, mobilization of international financing, implementation of partner support programmes, cooperation with the EBRD, as well as Ukraine’s recovery and post-war reconstruction.

Sergii Marchenko emphasized that financing the security and defence sector remains the top priority of Ukraine’s 2026 State Budget. He noted that all domestic state resources are currently directed toward defence needs. International support remains critical for maintaining macro-financial stability and financing civilian budget expenditures, while russia’s ongoing aggression continues to weigh on economic growth.

Despite the European Union’s adoption of the new Ukraine Support Loan instrument worth up to EUR 90 billion for 2026–2027, continued financial assistance from international partners remains essential to fully cover Ukraine’s budgetary needs.

Particular attention was devoted to cooperation with the European Union. Sergii Marchenko expressed gratitude to the EU for providing more than EUR 70 billion in budget support since the start of russia’s full-scale invasion, as well as for the swift approval of the Ukraine Support Loan. The Minister noted that Ukraine had fulfilled the conditions required to receive the first EUR 3.2 billion tranche of budget support financing and continues to work on meeting further commitments.

Ukraine is also expected to receive approximately EUR 2.7 billion from the EU in the near future under the Ukraine Facility programme.

During meetings with representatives of the United States, the United Kingdom, Sweden, and Switzerland, the parties discussed opportunities for further coordination of international assistance, support for reforms, including within the framework of the International Monetary Fund’s new USD 8.1 billion Extended Fund Facility (EFF) programme, as well as prospects for mobilizing additional resources to finance the State Budget and Ukraine’s recovery.

Sergii Marchenko thanked partners for their substantial contribution to supporting Ukraine since the beginning of the full-scale war, including through the implementation of the ERA Loans and Ukraine Facility instruments.

Another key topic of discussion was the possibility of using immobilized sovereign assets of the russian federation to strengthen Ukraine’s defence capabilities and support its recovery and reconstruction.

“Ukraine highly appreciates the decisions of our partners to direct revenues generated from immobilized russian assets toward supporting our country. This is an important step toward restoring justice and implementing the principle that russia should bear financial responsibility for the consequences of its aggression. At the same time, the scale of the damage caused requires more decisive action. We must work together to ensure that not only the revenues, but also the immobilized russian assets themselves, are used for Ukraine’s recovery,” Sergii Marchenko noted.

During the meeting with the EBRD President, the parties discussed further cooperation and EBRD support for Ukraine, including strengthening the resilience of state-owned enterprises, privatization of state-owned banks, development of capital markets, use of EU guarantees to facilitate investment projects, and strengthening the energy sector ahead of the next heating season.

Sergii Marchenko thanked the EBRD for its significant contribution to supporting Ukraine’s economic resilience. Since the beginning of the full-scale invasion, the Bank has mobilized EUR 9.7 billion in financing to ensure liquidity and the uninterrupted operation of critical infrastructure, as well as the public and private sectors.

The participants also focused on the restoration of the New Safe Confinement at the Chornobyl Nuclear Power Plant, which was damaged as a result of a russian attack, and on mobilizing international resources to strengthen Ukraine’s nuclear and radiation safety.

Following the bilateral meetings, the parties reaffirmed their commitment to further strengthening Ukraine’s financial resilience, implementing necessary reforms, and maintaining close coordination to support the country’s economic stability during wartime. They also underscored the importance of consolidating international support to help achieve a just and lasting peace in Ukraine.