Sergii Marchenko: Since the beginning of the full-scale invasion, the EBRD's financial assistance to Ukraine has reached about EUR 3 billion
On 13 March, Minister of Finance of Ukraine Sergii Marchenko held a working meeting with First Vice President of the European Bank for Reconstruction and Development (EBRD) Jürgen Rigterink.
The meeting was also attended by Deputy Minister of Finance of Ukraine Olga Zykova and Deputy Minister of Finance for European Integration Yuriy Draganchuk. The Bank was represented by Managing Director for Eastern Europe and the Caucasus Matteo Patrone and Deputy Director of the EBRD Board of Directors in Ukraine Artem Shevalev.
The key topics of the event included cooperation of Ukraine and the Bank and priorities for 2024, as well as the implementation of reforms by the Government of Ukraine under a four-year IMF Extended Fund Facility (EFF) Arrangement.
The Minister of Finance of Ukraine thanked the EBRD leadership for its unwavering and steadfast support of Ukraine since the beginning of the full-scale russian invasion, as well as for the significant increase in investments to support existing and new projects and the development of the country's economy.
"The EBRD remains the largest institutional investor in Ukraine. Thanks to the Bank's close cooperation with the Government, in particular through joint initiatives with the Ministry of Finance, we have managed to ensure the stable operation and restoration of key critical infrastructure. The recovery of Ukraine is crucial for economic growth, which is why the support of international partners is extremely important for Ukraine today, given that the country is directing all its domestic resources to fight the aggressor," added Sergii Marchenko.
Since February 2022, the EBRD has been financing initiatives to promote energy efficiency, support liquidity and sustainability of key public sector entities, rebuild infrastructure, and support the private sector.
There are 12 joint projects with the EBRD in the public sector with a total loan volume of around EUR 2.6 billion under implementation.
Strengthening Ukraine's energy security is one of the EBRD's top priorities. Over the past 2 years, the Bank has made a significant contribution to supporting the financing of NPC Ukrenergo's critical operating costs and the stability of the electricity transmission system. In 2022-2023, the EBRD has allocated about EUR 600 million to support the liquidity and resilience of NPC Ukrenergo, as well as a grant from the Government of the Netherlands in the amount of EUR 70 million.
In the context of discussing Ukraine's financial needs in 2024, participants noted the importance of Ukraine's cooperation with the IMF under the EFF Arrangement worth USD 15.6 billion.
Sergii Marchenko emphasised that the Government of Ukraine remains committed to the agenda of conditions and reforms envisaged by the Arrangement, including in the budget, financial and tax areas.
"The implementation of these measures and policies will help maintain macro-financial stability and contribute to Ukraine's European integration. We continue to cooperate and implement the Arrangement. In total, in 2024, provided that all the necessary steps are taken, we expect to attract four tranches from the IMF in the amount of about USD 5.4 billion," the Minister of Finance said.
As a result of the meeting, the parties identified priority areas for attracting further investments, including the restoration of infrastructure, energy security and support for the private sector.