18 Apr 2024 15:12

Ukrainian finance minister counts on 'predictable, rhythmic' support from West

MOSCOW. April 18 (Interfax) - Ukraine's financial system continues to face large-scale challenges, and the most urgent issue is to ensure a rhythmic and predictable inflow of financial assistance, which includes receiving $27 billion in such aid before the end of 2024, Ukrainian Finance Minister Sergei Marchenko said at the fifth ministerial roundtable of the World Bank and the International Monetary Fund in Washington on Wednesday.

The absence of support for Ukraine or delays in providing it may widen the fiscal gap and negative impact Ukraine's ability to withstand the crisis, Ukrainian media said, citing Marchenko's remarks in a press release published by the ministry.

Marchenko thanked partners for their steadfast support of Ukraine. A total of $83.7 billion has been allocated for Ukraine since February 2022, of which $10.2 billion has already been received by the Ukrainian budget this year.

As for further budget deficit financing in 2024, the European Union has pledged to provide around $12.5 billion, the IMF $4.5 billion, and other partners have also made such pledges, he said.

"The critical issue is the approval of the aid package for Ukraine by the U.S. Congress," Marchenko said.

The Finance Ministry is engaged in an active dialogue with international partners on raising financial resources in 2025, as it is necessary as soon as today to work out a plan for balancing next year's budget in order to ensure predictability, he said.

"All we need now is the rhythmic provision of all necessary support [...]," Marchenko said.