Sergii Marchenko speaking at The Outlook For The Economy and Finance Conference: Ukraine has maintained financial stability and continues to demonstrate resilience

On April 6, Sergii Marchenko, Minister of Finance of Ukraine, participated in the 35th Conference “The Outlook for the Economy and Finance” as a key speaker of the discussion panel "The Global Economy and Prospects for Europe". The event took place in Cernobbio, Italy and was held online.

The Outlook for the Economy and Finance workshop is held every year in spring and is organized by The European House - Ambrosetti (TEHA), one of the largest Italian think tanks. The event aims to examine economic and financial scenarios for the future, as well as potential risks for Italy, Europe and the world.

In his speech, the Minister of Finance spoke about the current situation and challenges for the financial system of Ukraine.

"Despite all forecasts, Ukraine has maintained its financial stability and continues to demonstrate resilience. For the third year in a row, in the face of a full-scale invasion, the Government of Ukraine has been implementing effective policies which, together with the support of key partners, allow us to finance all priority needs and provide assistance to those who need it most. However, it is still difficult to predict the future economic development of the country due to the challenges caused by the constant terror from russia.  In this context, the support of international partners has been and remains crucial. The need for external financing for the current year is estimated at USD 38 billion. Therefore, timely funding is extremely important to ensure the stability of the economy," emphasized Sergii Marchenko.

The Ministry of Finance of Ukraine has taken measures to finance all priority budget expenditures, both by mobilising State Budget revenues and by domestic borrowing. However, the effectiveness of these measures is limited, and the partner countries understand the urgent need for further rhythmic and predictable external financing to maintain Ukraine's macro-financial stability and the progress in the financial sector achieved in 2023.

Since February 2022, the Ministry of Finance of Ukraine has managed to attract more than USD 83 billion thanks to the coordinated cooperation with international partners. The largest donors are the EU, the US, the IMF, Canada, Japan, the World Bank and the UK.

Sergii Marchenko also noted the importance of implementing donor cooperation programs, namely the IMF's Extended Fund Facility (EFF) Arrangement , the EU's Ukraine Facility, World Bank programs and initiatives with European institutions.

"Despite the full-scale war, Ukraine continues to implement reforms and fulfills all its obligations in the framework of cooperation with its partners. Reforms are the basis for our economic growth by ensuring macroeconomic stability, improving governance and further development. They are the foundation for long-term sustainability and recovery. We are open to dialogue with our partners to further discuss reform priorities and identify the most effective targeted measures.  I am convinced that Ukraine can pave the way for sustainable economic development and inclusive growth while attracting the necessary financing to meet the needs of its citizens," the Minister of Finance said.

Within the framework of the Conference, Sergii Marchenko held a series of high-level meetings with European Commissioners, representatives of leading think tanks and Italian media. With European Commissioner for Cohesion and Reforms Elisa Ferreira and European Commissioner for Economic Affairs Paolo Gentiloni, the parties discussed Ukraine's European integration track. With the President of the Jacques Delors Institute, Enrico Letta, he discussed the transfer of russian frozen assets and met with the Chief Secretary to the Treasury, Laura Trott, to discuss further bilateral cooperation. 

The international partners highly appreciated the efforts of the Government of Ukraine to adapt the economy to the war conditions and the stable functioning of the financial system despite the existing challenges.