World Bank representatives noted the transparency of the Government of Ukraine in the reform process

Today, on June 7, Minister of Finance Sergii Marchenko held a working meeting with Vice President of the Europe and Central Asia Region Antonella Bassani, current Regional Director for Ukraine, Moldova and Belarus Arup Banerji, newly appointed Regional Director for Ukraine, Moldova and Belarus Bob Saum, who will start his work on July 1, and Head of the Corporation's Regional Office for Ukraine and Moldova Lisa Kestner.  .

The meeting was also attended by the First Deputy Minister of Finance of Ukraine Denys Uliutin, Deputy Minister of Finance Roman Yermolychev and Government Commissioner for Public Debt Management Yuriy Butsa. 

The parties discussed current issues of cooperation, financing needs until the end of 2024, and further plans for cooperation between Ukraine and the Bank. The main attention was focused on the implementation of recovery projects, in particular to support Ukraine's energy sector, the implementation of reforms, as well as the status of preparation of new systemic projects under the Program for Results Financing  (PforRs). 

Sergii Marchenko emphasized that further cooperation with the Bank is extremely important for the stable functioning of Ukraine's financial system in times of war: 

"Thanks to the active work of the teams of the Ministry of Finance of Ukraine, the Government of Ukraine and the World Bank, for the third year in a row we have been able to attract the necessary amount of funds to cover priority budget expenditures. These include pensions, salaries for employees in the education and healthcare sectors, social protection, and humanitarian support. However, the challenges caused by the full-scale war remain. I am convinced that our further cooperation will make a significant contribution to meeting Ukraine's needs in the current and next years."

Since the beginning of the full-scale invasion, the World Bank has mobilized USD 34 billion in direct budget support through its mechanisms. 

In 2022-2023, five new framework projects were launched, focusing on the restoration of energy infrastructure, transport and logistics infrastructure, damaged housing, support for the healthcare system and access to essential medical services, agricultural recovery, etc. The grant funding for these projects comes from the The Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) established by the World Bank. To date, the available grant funding for these projects is more than USD 820.5 million, of which USD 540 million has already been received by Ukraine.

The Bank's management noted the transparency of the Government of Ukraine in implementing reforms. In particular, on June 5, the Government launched the Reforms Matrix analytical interactive platform, which allows users to track the progress of reform implementation envisaged in donor programs with international partners.   

The parties also discussed the use of frozen russian assets and the profits generated from them for the needs of Ukraine. 

As a result of the meeting, the parties agreed to continue working on the effective implementation and introduction of new initiatives in priority areas. The energy sector and the rapid recovery of critical infrastructure remain a priority.