Sergii Marchenko: Ukraine has already received 90% of the funds backed by revenues from russia’s frozen assets – $45 billion

During the IMF–World Bank Spring Meetings, the Ministry of Finance team led by Minister of Finance of Ukraine Sergii Marchenko continued a series of meetings with key international partners. The main focus was on the implementation of the IMF program, securing financing for 2026, and advancing reforms.

Meetings were held with the leadership of the International Monetary Fund, the ministries of finance of Japan, France, Norway, and the European Commissioner for Economy and Productivity Valdis Dombrovskis, the European Commissioner for Enlargement Marta Kos.

Sergii Marchenko also took part in international events dedicated to ensuring Ukraine’s economic stability and financing defense efforts in 2026:

- the panel discussion “Financing Stability and Growth During War” at the Ukraine House;

- an informal meeting of finance ministers of key donor countries organized by Norway’s Minister of Finance Jens Stoltenberg and Germany’s Minister of Finance Lars Klingbeil.

• IMF: progress on reforms

Together with Prime Minister of Ukraine Yulia Svyrydenko, the Minister of Finance met with IMF Managing Director Kristalina Georgieva and First Deputy Managing Director Dan Katz. The parties discussed the implementation of the Extended Fund Facility (EFF) program worth USD 8.1 billion for 2026–2029.

The Ukrainian delegation reaffirmed its commitment to implementing the reforms necessary to continue cooperation with the Fund and to advance Ukraine’s EU integration path, noting that last week the Verkhovna Rada of Ukraine adopted the decisions required by the IMF.

The Ministry of Finance also continues to strengthen the country’s financial resilience. Domestic State Budget revenues in the first quarter of 2026 exceeded USD 17 billion.

• Meetings with partner finance ministers

The Ministry of Finance team held meetings with Japan’s Minister of Finance Satsuki Katayama, France’s Minister of Finance Roland Lescure, Norway’s Minister of Finance Jens Stoltenberg, and Norway’s Minister of International Development Asmund Aukrust.

The parties reviewed the current state of Ukraine’s economy and the impact of the full-scale war on public finances. Sergii Marchenko thanked partners for launching the ERA Loans mechanism funded by revenues from russia’s frozen assets. Ukraine has already received 90% of the planned financing - about USD 45 billion.

He stressed the importance of maintaining dynamic and predictable international support as active hostilities continue and russia keeps inflicting significant damage on Ukraine. 

He also emphasized the need to accelerate the creation of a full mechanism to channel the frozen russian assets themselves to Ukraine’s needs, as these resources should become an important source for reconstruction, the needs of which exceed USD 588 billion over the next decade.

• Meetings with European Commissioners: Ukraine Support Loan and EU integration

The Minister of Finance informed European Commissioner for Economy and Productivity Valdis Dombrovskis and European Commissioner for Enlargement Marta Kos about the current state of Ukraine’s financial system. He emphasized that despite the full-scale war, economic growth is expected in 2026 and inflation remains under control.

However, economic recovery is constrained by the need to allocate significant funding to the security and defense sector (over USD 61.4 billion, or 68% of the State Budget). At the same time, Ukraine requires continued international support to cover social and humanitarian expenditures.

Sergii Marchenko thanked EU partners for the recent decision to provide EUR 90 billion in loan support for 2026–2027. He noted that attracting these funds is critically important for covering Ukraine’s budget needs over the next two years and expressed hope for the swift completion of all procedures to begin financing.

The Minister also emphasized that the Government of Ukraine remains committed to implementing reforms agreed with international partners, particularly those that bring Ukraine closer to full EU membership. Ukraine has already completed 60% of the planned steps under cooperation programs for the next decade, according to the Reform Matrix.