Ukraine has urgent need for war risk insurance - Marchenko

Ukraine's wartime defense spending will remain high next year, underscoring the need for allies to provide war risk insurance to help attract investment.

Ukraine's Finance Minister Sergii Marchenko stated this to Bloomberg, Ukrinform reports.

"Without international support and without insurance against war risks, we will not attract as much investment as we need to recover. We need investments right now. We don't need to wait until the war is over because otherwise, we will not get the initial impetus for this victory," Marchenko said.

According to him, Ukraine's defense spending will not decrease next year. There are few opportunities to reduce the budget deficit, although the government has been able to support revenue collection.

"We are trying to do our ‘homework’," Marchenko said, adding that economic growth is expected to reach 3% this year.

He also noted that the government is trying to attract incentives from partners to help Ukraine cover the deficit in 2024. "Now we have an EU program. We would like other G7 countries to step up and help Ukraine as well," he stated.

Marchenko reiterated his promise to protect investments and root out corruption. "We are trying to minimize all possible corruption risks. This is our choice, and we will succeed in showing the entire civilized world that Ukraine is moving in the right direction," the minister said.

As reported, the Multilateral Investment Guarantee Agency of the World Bank Group has started providing guarantees to insure war risks in Ukraine from Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund.