Sergii Marchenko: State Budget revenues increased by 45% in May 2023 compared to May 2022

Today, Minister of Finance of Ukraine Sergii Marchenko, Government Commissioner for Public Debt Management Yuriy Butsa and Deputy Minister of Finance Olga Zykova participated in the Global Official Institutions Conference organized by BNP Paribas in Paris.

The event was also attended by over 100 representatives of ministries and central banks as well as international financial organizations and sovereign wealth funds from all over the world. 

Speaking as a keynote speaker of the panel discussion, the Minister of Finance of Ukraine spoke about the state and prospects of the Ukrainian economy, the implementation of the State Budget in the conditions of war and the opportunities and challenges for the country's recovery.

"In 2023, we have much better financial results than a year ago. Thanks to the strong financial support and comprehensive measures implemented by the Government of Ukraine, we ensure a balanced budget and financing of critical expenditures, especially in the social sphere. Monetary and fiscal policies are under control. The State Budget revenues increased by 45% in May 2023 compared to May 2022," said Sergii Marchenko.

At the same time, the Minister of Finance emphasized that external financial support continues to play an important role. International partners have assured Ukraine that they will provide a total of USD 42.5 billion in direct budgetary aid this year. 

As of today, Ukraine has received about USD 22 billion of external financing for the priority needs of the State Budget in 2023. The Ministry of Finance of Ukraine is also actively cooperating with its partners to meet the needs of the State Budget in 2024.

In the context of the recovery, Sergii Marchenko spoke about the existing instruments for raising funds for the recovery. The World Bank has created effective mechanisms for attracting assistance, such as the URTF trust fund and the SPUR special program. The European Investment Bank has approved the EU for UkraineInitiative, a new financing scheme for reconstruction and recovery in Ukraine. The EBRD has established the EBRD Crisis Response Fund with a special focus on Ukraine. 

"Recovery requires a comprehensive approach. In addition to assistance from IFIs and partner countries, it is important for us to attract private investment. The cost of reconstruction will amount to hundreds of billions of dollars. We are interested in creating conditions for attracting private investment and structuring it in the best possible way. The Ministry of Finance of Ukraine is already actively working with partners to resolve this issue, in particular to insure war risks," the Minister of Finance of Ukraine added.

The Minister of Finance also shared his impressions of the recent Ukraine Recovery Conference held in London on June 21-22.

Sergii Marchenko urged foreign businesses to invest in Ukraine and assured them of the readiness of the Government of Ukraine to cooperate to ensure safe and favorable conditions.