Ukraine is able to win the war, but we need predictable and rhythmic support: Sergii Marchenko during the Ministerial Roundtable Discussion for Support to Ukraine at the WB and IMF Spring Meetings

On Wednesday, April 17, the Fifth Ministerial Roundtable Discussion for Support to Ukraine was held under the joint chairmanship of the Government of Ukraine, the World Bank Group and the IMF. 

The meeting was opened with speeches by President of Ukraine Volodymyr Zelenskyy, Prime Minister of Ukraine Denys Shmyhal, President of the World Bank Group Ajay Banga, IMF Managing Director Kristalina Georgieva, and Minister of Finance of Ukraine Sergii Marchenko.

The participants of the meeting discussed the needs of the State Budget for 2024 and 2025. 

The partners noted the high results of Ukraine's financial policy, including the preservation of financial stability and the implementation of fiscal reforms.

Sergii Marchenko expressed gratitude to the partners for their steadfast support of Ukraine. In particular, for the significant amount of financial assistance - USD 83.7 billion since February 2022. In 2024, the State Budget has already received USD 10.2 billion.

At the same time, the Minister of Finance added that large-scale challenges for the financial system remain. The most urgent issue is to ensure rhythmic and predictable military and financial aid. 

"In the first months of 2024, we found ourselves in a situation where the necessary promised weapons and equipment from our partners did not deliver on time. This led to a situation where the Government was forced to frontload the funds to purchase the necessary weapons and equipment. This year, we have already advanced an additional USD 4 billion for the purchase of ammunition and equipment necessary for the defense and liberation of the territories. The absence or delay in support for Ukraine causes an increase in the fiscal gap and negatively affects our ability to resist the enemy at the front," said Sergii Marchenko. 

By the end of 2024, the need for external financing remains at USD 27 billion. There are already assurances from the EU in the amount of about USD 12.5 billion, the IMF - USD 4.5 billion and others. The critical issue is the approval of the aid package for Ukraine by the US Congress. 

The Ministry of Finance is already engaged in an active dialog with international partners to attract financial resources in 2025. The Minister of Finance noted that in order to ensure predictability, it is necessary to develop a plan to balance the State Budget for 2025. 

One of the practical solutions should be the use of frozen russian assets. russia is the cause of large-scale destruction and losses in Ukraine, which makes the use of these funds morally justified. The aggressor must pay for its actions.

"As long as the full-scale war continues, international cooperation and coordination of efforts are essential. The aggressor has much more resources. Ukraine can win and we demonstrate this every day by resisting russian aggression. By defending our borders, Ukrainians are protecting the international order and deterring the possible spread of war to the rest of Europe.  All we need now is a rhythmic provision of the necessary support both in the military and financial spheres to equalize resources, to withstand and win the war," the Minister of Finance of Ukraine added.