Ukraine’s Ministry of Finance and the U.S. International Development Finance Corporation Highlight Opportunities for Greater Investment in Ukraine’s Private Sector
On July 6, Sergii Marchenko, the Minister of Finance of Ukraine, met with David Marchick, Chief Operating Officer of the U.S. International Development Finance Corporation (DFC) in Washington DC.
Ukraine's Deputy Minister of Finance for European Integration Yuriy Draganchuk, Government Commissioner for Public Debt Management Yuriy Butsa, and Ambassador Extraordinary and Plenipotentiary of Ukraine to the USA Oksana Markarova also attended the meeting.
The parties discussed ways of attracting greater investment to Ukraine’s private sector, cooperation with international organizations, and the current economic situation in Ukraine.
During the meeting, Sergii Marchenko mentioned that the President and Government of Ukraine identified energy, infrastructure, and healthcare the priority areas for attracting investment. The Minister of Finance invited DFC to actively consider investments in these sectors.
Mr. Marchick outlined DFC’s success in supporting more than $840 million of investment in Ukraine and indicted that, as the U.S. Government’s development finance institution, DFC was ready to consider new projects that were sustainable and met developmental priorities in areas such as climate change, global health, and gender equity. He emphasized to the Ukrainian delegation that continued reform efforts and greater transparency would attract larger amounts foreign capital and create even more projects for DFC to finance and insure.
The participants also discussed the current state of the economic and financial situation in Ukraine. Sergii Marchenko said that Ukraine has successfully passed the 2020 pandemic compared to many other countries.
"Prudent tax and fiscal policies allowed us to go through the pandemic period with minimal losses. We reduced our budget deficit significantly last year, the plan was 7.5%, the fact - 5.2% of GDP. And now the economy is recovering, we are seeing an increase in consumption, and we expect economic growth of 4% for the year. During the first half of 2021, we increased the revenues to the state budget by over UAH 23 billion. But to continue the growth, finance the budget deficit, and ensure economic stability we need help from our international partners, including the IMF Program"- said the Minister of Finance.
At the end of the meeting, the parties agreed to continue the dialogue and strengthen cooperation to further increase investment in the private sector in Ukraine.