Third Ministerial Roundtable Discussion for Support to Ukraine was held during the WB and IMF Spring Meetings

On Wednesday, April 12, Third Ministerial Roundtable Discussion for Support to Ukraine was held co-chaired by the Government of Ukraine, the World Bank Group and the IMF.

Ukraine was represented by President Volodymyr Zelenskyy, Prime Minister Denys Shmyhal, and Minister of Finance Sergii Marchenko. The event was also attended by President of the World Bank Group David Malpass, Managing Director of the IMF Kristalina Georgieva , and U.S. Secretary of the Treasury Janet Yellen. 

The participants discussed Ukraine's financial needs, as well as rapid recovery and reconstruction projects.

Kristalina Georgieva emphasized the high results of Ukraine's financial policy and assured of the Fund's continued support. 

At the same time, Janet Yellen expressed her firm intention to help Ukraine accelerate its victory and implement its recovery plan.

Sergii Marchenko spoke about the current macroeconomic situation, budget execution in the context of the war and the need for rapid recovery.

"Ukraine has adapted to the war and continues to respond adequately to the challenges faced by the financial system. As of the end of March 2023, customs revenues increased 3 times and tax revenues increased by 8% compared to March 2022. Also, this year we have predictability in the receipt of external financing, which allowed us to refuse the monetary financing," said Sergii Marchenko.

During the discussion of the reconstruction projects, the Minister of Finance noted that Ukraine has allocated USD 3.3 billion from the State Budget to finance the rapid recovery in 2023, which is estimated at USD 14.1 billion. The Government expects to raise the rest with the support of international donors.

The rapid recovery includes 5 priority areas: energy recovery, humanitarian demining, restoration of damaged housing, restoration of critical and social infrastructure, and support for small and medium-sized businesses.

"Large-scale recovery is estimated at USD 411 billion, but the war continues, increasing the cost of rebuilding the country. At the same time, as a result of the heroic efforts of Ukraine's warriors and the liberation of a large part of the territory, daily losses from the war have decreased to USD 370 million per day from USD 1.1 billion at the start of the full-scale war, according to the RDNA2 report," said Sergii Marchenko.

The Minister of Finance also assured international partners that Ukrainians are not ready to compromise: "Ukrainians are determined to continue the struggle until all the territories are liberated, even in difficult wartime conditions. And the speed of Ukraine's victory in the war depends on the speed and scope of military and financial support from international partners, as well as sanctions pressure on russia."