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Since February 2022, Japan has allocated $4.6 billion to Ukraine through World Bank and JICA projects: Sergii Marchenko at the Japan-Ukraine Conference

The official visit of the Minister of Finance of Ukraine Sergii Marchenko to Japan has started with his participation in the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction (JUCPEGR).

The conference, organized by the Governments of Ukraine and Japan, the Japan Business Federation (Keidanren), and the Japan External Trade Organization (JETRO), aims to intensify the dialogue between government officials and business representatives from both countries to promote Ukraine's economic recovery.

At the opening, Prime Minister of Ukraine Denys Shmyhal and Prime Minister of Japan Fumio Kishida addressed the audience. 

During the discussion of economic and financial cooperation between Ukraine and Japan, Sergii Marchenko spoke about the joint efforts of the countries under the Multi-agency Donor Coordination Platform for Ukraine.

"In the face of full-scale russian aggression, Japan is one of the leading countries in supporting Ukraine in all possible areas. Direct budgetary assistance is no exception. Japan has already provided support worth more than USD 4.6 billion, including about USD 372 million in grants. This assistance is vital for Ukraine's economic and financial stability. I am grateful for the productive cooperation within the framework of the Donor Platform of Ukraine, as well as for the leadership in consolidating the efforts of the international community, which Japan demonstrated during its presidency of the G7 in 2023," the Minister of Finance of Ukraine said. 

Funds from Japan for budget support were attracted through five World Bank projects: PEACE in Ukraine, INSPIRE, ARISE, HOPE and Development Policy Loan. Also, through the Japan International Cooperation Agency (JICA).

Sergii Marchenko emphasized that the scale of the challenges faced by Ukraine's financial system in the context of the war is unprecedented. In recent decades, no government has experienced such a level of uncertainty and no country could have coped with it alone. Therefore, international cooperation continues to be a key element in Ukraine's efforts to counter russia's war of aggression. Budgetary assistance, in particular from Japan, as one of the largest donors, continues to be critical for ensuring priority public services.  

In 2024, Ukraine expects to attract USD 37.3 billion from foreign donors for social and humanitarian areas. In the first months of the year, Japan is the largest donor of financial assistance. Overall, in the first quarter, the aid is expected to reach about USD 2.2 billion. The funds will be attracted through the World Bank's framework projects.

The Minister of Finance also noted that expanding cooperation with Japan, including public-private cooperation, is a priority for Ukraine for effective recovery.

According to the latest RDNA3 estimates, the needs for reconstruction amount to almost USD 486 billion, and for rapid recovery - USD 15 billion. 

"A large-scale recovery will require strong and sustained cooperation between the Government of Ukraine and the private sector. We are ready to work together to provide an environment conducive to attracting Japanese business. In addition, Japan's experience and expertise in implementing recovery projects are valuable to us," added Sergii Marchenko.