Minister of Finance: Ukraine needs $3bn in external financing every month
28 February 21:43
Minister of Finance Sergii Marchenko delivered an online speech at the meeting of the G7 financial bloc. The event was attended by finance ministers and central bank governors of the G7 member states, the leadership of the IMF, the World Bank, the European Commission, and the OECD. This was reported by the press service of the Ministry of Finance, Kommersant Ukrainian reports
During his speech, Marchenko noted the key role of G7 support in ensuring the balance of the state budget and economic recovery in 2023. Financial support from the G7 and the EU has reached about $63 billion since February 2022.
“In 2023, Ukraine’s financial system was resilient and the economy recovered faster than expected. The prudent policies of the Government of Ukraine, together with the consistent support of our international partners, have been crucial to our achievements. It is important to maintain this trend. In 2024, the monthly external financing requirement will reach about USD 3 billion. Continued, rhythmic budgetary assistance is vital to ensure social spending. We cannot allow a delay in attracting external financing,”
– the Minister said.
Marchenko thanked Japan, the United Kingdom and Canada for their intention to provide financial assistance in the near future, as well as the EU for supporting the launch of the Ukraine Facility for four years.
U.S. Secretary of the Treasury Janet Yellen emphasised the active work of the U.S. Administration to approve the 2024 aid package for Ukraine.
“In any scenario, international cooperation and coordination of efforts are essential for Ukraine’s victory in the war. The situation Ukraine is facing is unprecedented in recent decades: the aggressor has significant resources and is strengthening its cooperation with countries against which the G7 has imposed sanctions. The assistance of international donors is not just a financial issue, but an opportunity to support millions of Ukrainians in need and save the lives of thousands of soldiers,”
– Marchenko said.
Delay in funding assistance to Ukraine
The US Congress has been unable to agree on a military aid bill for Ukraine since autumn 2023. President Joe Biden has proposed a national security bill worth more than $100 billion, including $61 billion to help Kyiv.
The document was not approved by Republicans, who want to include in the bill tighter border and migration measures on the US-Mexico border.
US President Joe Biden said he would not support a bill to help Israel initiated by Republicans in the House of Representatives without taking into account Ukraine’s needs.
on 13 February, the US Senate passed a bill unblocking aid to Ukraine. It provides for aid to Ukraine, Israel, and Taiwan totalling $95.34 billion, of which $61 billion is earmarked for Ukraine.
The bill now needs to be supported by the US House of Representatives, where Republicans are also refusing to vote for aid to Ukraine.