Ministry of Finance of Ukraine

July 23, the Ministry of Finance sold domestic government bonds worth UAH 1,447 million. Details: https://lnkd.in/e6Ubz2h

🇺🇦🇯🇵 Minister of Finance of Ukraine Sergii Marchenko met with Ambassador Extraordinary and Plenipotentiary of Japan to Ukraine Matsuda Kuninori and Senior Vice President of the Japan International Cooperation Agency (JICA) Shohei HARA. The parties discussed the current economic situation in Ukraine, priority areas of recovery and the implementation of joint projects. 💬 "Ukraine is steadily enhancing its financial capacity through higher internal budget revenues. Meanwhile, international assistance remains crucial to ensure timely and full financing of all priority expenditures. We appreciate the leadership of the Government of Japan in this matter", the Minister of Finance of Ukraine said. 💰 In total, budgetary assistance from Japan reaches USD 6.3 billion since February 2022, of which almost USD 1 billion are grants. Japan is the second largest donor of financial support among the countries and the fourth among all international partners. The Minister of Finance noted that he expects the Government of Japan to continue its budgetary support and to expand its partnership in Ukraine's recovery. Japan's experience in implementing and managing recovery projects is extremely valuable for Ukraine. The parties also discussed potential cooperation in supporting Ukraine's private sector through access to concessional financing. Olga Zykova Yuriy Butsa Details: https://lnkd.in/dJUWtqsR

🤝 The Government of Ukraine and the European Investment Bank (EIB) are preparing to sign new financial cooperation projects. Today, the Minister of Finance, Sergii Marchenko had an online meeting with EIB President Nadia Calviño. They discussed ongoing cooperation programs and new support projects. 💡 The Minister emphasized the urgent need for support in Ukraine’s energy sector and the development of new electricity projects. The EIB is expected to approve an energy support package soon. 💬 “The EIB consistently supports Ukraine’s priorities, and we aim to expand our partnership. Currently, EIB initiatives in the public sector include 26 projects worth €5.3 billion,” noted Sergii Marchenko. Details: https://lnkd.in/dA_QufDr

📃 314 reform measures with 520 performance indicators defined in our cooperation programs and other official documents with international partners. The Ministry of Finance has updated the Reforms Matrix as of the end of June. All measures are detailed in these official documents: ➖ European Commission's Report on Ukraine within the EU Enlargement Package; ➖ IMF Extended Fund Facility Arrangement; ➖ Ukraine Plan for the EU's Ukraine Facility financial instrument; ➖ World Bank's Development Policy Loan conditions. ✅ Implementing the Reforms Matrix measures will support Ukraine's path to EU integration, enhance economic competitiveness, and enable financial support as outlined in these cooperation programs. In the first half of 2024, Ukraine completed 108 indicators, with 17 under the Ministry of Finance's responsibility. 🔎 In June 2024, the Ukrainian Government launched the Reforms Matrix website. International partners, including members of the Multi-agency Donor Coordination Platform for Ukraine, welcomed this initiative and recognized Ukraine's transparency in performing cooperation program conditions. Reforms Matrix: https://lnkd.in/d26_ViDY

🌐 The leadership of Ministry of Finance of Ukraine and representatives from the International Monetary Fund held working meetings. The discussions took place in Kyiv on July 16-19, focusing on: ➖ preparing for the fifth review of the Extended Fund Facility (EFF) Arrangement; ➖ further reform measures to strengthen Ukraine's financial capacity. "The Ukrainian Government, the National Bank, and other authorities have already met 23 out of 37 structural benchmarks outlined in the IMF Memorandum. 14 performed benchmarks relate to the fiscal sector. The financial system is adapting to operate amid uncertainty. As we approach the fifth review, the Ukrainian side, in collaboration with the IMF, is making every effort to pass it successfully," said Minister of Finance Sergii Marchenko. The IMF mission for the fifth review of the EFF will start in September. Upon a successful review, Ukraine will receive the next tranche from the Fund, totaling about USD 1.1 billion. 🤝 The Minister of Finance expressed gratitude to the IMF for $10.2 billion in budgetary assistance since February 24, 2022, marking it as the third-largest source of external financing after the EU and the USA. Details: https://lnkd.in/dYA-KbMS

⚡️ European Commission has given a positive assessment of the indicators performed by Ukraine under the Ukraine Plan for the second quarter of 2024. This paves the way for the disbursement of EUR 4.2 billion in budget support to Ukraine. Ukraine has performed all nine indicators. The Ministry of Finance of Ukraine was responsible for three conditions of the Ukraine Plan: ✅ Approval of the Budget Declaration for 2025-2027; ✅ Approval of the action plan for the implementation of the Roadmap for public investment management reform; ✅ Approval of the Long-Term National Strategic Plan for Digital Development, Digital Transformation and Digitalization of the State Customs Service. 💬 "The EU remains a strategically crucial partner for Ukraine, providing support during times of significant challenges. Financial assistance enhances budget liquidity by allocating funds to meet the State Budget's critical needs. The reform measures Ukraine is implementing under the Ukraine Plan bolster our efforts to achieve economic recovery and European integration. Ukraine is committed to sustaining these measures and policies for the country's sustainable development, fulfilling the conditions set in cooperation with its partners," said Minister of Finance of Ukraine Sergii Marchenko. Details: https://lnkd.in/dRTJ-XAQ

🤝 KfW increases support for business, energy system and municipal infrastructure development in Ukraine. Deputy Minister of Finance of Ukraine Olga Zykova, Deputy Minister of Finance for European Integration Yuriy Draganchuk and KfW office Director for Ukraine and Moldova Lorenz Gessner discussed the implementation of existing projects and plans for further cooperation. 💬 "The German government and KfW are making a significant contribution to the development and recovery of the energy sector, infrastructure, and small and medium-sized businesses in Ukraine. Currently, the portfolio consists of eight investment projects, which is the largest for the entire period of cooperation and reaches EUR 265.1 million," Olga Zykova said. In addition, Olga Zykova noted that most of the support from KfW is provided in the form of grants, which is extremely important in the context of a full-scale war and limited resources. The parties discussed the preparation of new grant agreements to support the energy system and municipal infrastructure under the Ukraine Facility. KfW's financial assistance is aimed at developing small and medium-sized businesses, supporting the energy sector, reconstruction and energy saving, restoring social and critical infrastructure, water supply and sewage. 💬 "A prime illustration of support for small and medium-sized enterprises is the state program "Affordable Loans 5-7-9%" supported by KfW which provides concessional lending to businesses and promotes their development even in the conditions of a full-scale war. The program is being implemented by the Business Development Fund which is currently in the process of institutionalization based on the model of the KfW", said Deputy Minister of Finance of Ukraine for European Integration Yuriy Draganchuk. Details: https://lnkd.in/dExTEuMv

July 16, the Ministry of Finance sold domestic government bonds worth UAH 4,994 million. Details: https://lnkd.in/e6Ubz2h

🤝 Ukraine will receive EUR 200 million from the European Bank for Reconstruction and Development EBRD to support Naftogaz of Ukraine in creating strategic gas reserves and maintaining energy security. Today, the Minister of Finance of Ukraine Sergii Marchenko and the EBRD Managing Director for Ukraine and Moldova Arvid Tuerkner signed the relevant Guarantee Agreement. 💬 "The EBRD is a leader in supporting energy efficiency initiatives. I am grateful for understanding the urgent needs of Ukraine and making the necessary decisions. Today's signing is an important step towards strengthening Ukraine's energy stability in wartimes," said Sergii Marchenko. After the signing of the Agreement, the parties held a working meeting to discuss the implementation of joint projects and further priorities for cooperation. As of today, ten joint projects with the EBRD totaling EUR 2.1 billion are currently being implemented in the public sector. Details: https://lnkd.in/gZh_dQ2G

🌐 The leadership of the Ministry of Finance of Ukraine and the International Monetary Fund mission to Ukraine discussed preparations for the fifth review of the four-year Extended Fund Facility (EFF) Arrangement. 💬 "The priorities of cooperation with the IMF remain unchanged: performance of the EFF arrangement conditions and mobilization of funds for the urgent needs of the State Budget. We are now in the process of preparing for the fifth review. This is a significant result, as it is the first time Ukraine has reached this stage in its cooperation with the IMF. Together, we are implementing critical policies for the sustainability of Ukraine's financial system. In addition, this year, the IMF is the second largest donor of budgetary assistance - USD 3.1 billion. I am grateful to the IMF for its joint efforts to stabilize the macroeconomic situation and mobilize funds for urgent needs," said Sergii Marchenko. The next IMF mission for the fifth review of the EFF arrangement will start in September. The discussions will focus on Ukraine's compliance with the terms of the Memorandum of Economic and Financial Policies. If the program is successfully reviewed, Ukraine will be able to receive the next tranche of about USD 1.1 billion from the Fund. Olga Zykova Gavin Gray Details: https://lnkd.in/gebNwdYj