Ukraine gets almost $33B from G7 since war-start - Finance Minister
Since the start of the full-scale war, Ukraine has received almost $33 billion from the G7 member states. These funds have become key in ensuring the balance of Ukraine's state budget and financing critical expenses.
That’s according to Ukraine’s Finance Minister Sergii Marchenko, who met with his G7 counterparts, Ukrinform reports, referring to the ministry's press service.
"From the first days of the full-scale invasion, the G7 partners have been standing side by side with Ukraine, supporting us in all possible ways, both in the financial sphere, as well as in the military, humanitarian, energy and reconstruction. Concessional financing and grants from the G7 countries have become key to balancing Ukraine's State Budget and financing critical expenditures. Since February 24, 2022, the G7 has provided almost USD 33 billion to the State Budget. This is more than half of all external financing for this period," said Sergii Marchenko.
In total, since the beginning of the full-scale invasion, the Ministry of Finance of Ukraine has attracted USD 64.9 billion of external financing to the State Budget. The largest donors are the EU, the U.S., the IMF, Canada, Japan, the World Bank, the UK and Germany.
Marchenko also noted the contribution of Japan, which holds the G7 presidency in 2023, in keeping the Ukrainian issue on the agenda of international events, as well as in improving the coordination of financial assistance to Ukraine.
During the discussion of Ukraine's budgetary needs for 2024, the Minister of Finance spoke about the main indicators envisaged in the draft State Budget.
"The draft budget for 2024 has been prepared on the assumption that the war will last for the whole of 2024 with the current intensity. It provides for the accumulation of maximum resources for the security and defense sector, as well as the creation of conditions for the development of the domestic defense industry. Next year's budget is aimed at developing the economy for victory. Another important component is the social sphere, which will see an increase in expenditures compared to the current year," said Marchenko.
The minister emphasized that there is a significant need to attract external financing to cover the expenditures in the social sphere and for humanitarian aid. The deficit is projected at USD 42.9 billion.
The G7 partners noted the efforts of the Government of Ukraine to adapt the economy to the war conditions and the stable functioning of the financial system despite the war.
The parties also expressed solidarity in the need to continue cooperation to direct the frozen assets of russia to Ukraine.
According to the ministry’s press service, within the framework of the Annual Meetings of the IMF and the World Bank, Minister of Finance Sergii Marchenko met with the finance ministers of the G7 countries – Deputy Prime Minister and Minister of Finance of Canada Chrystia Freeland and Minister of Finance of Japan Suzuki Shun'ichi, Minister of Economy, Finance, Industry and Digital Sovereignty of France Bruno Le Maire, Chancellor of the Exchequer of the United Kingdom Jeremy Hunt, and Minister of Finance of the Federal Republic of Germany Christian Lindner.
The meetings were focused on discussions on covering the needs of the next year's State Budget of Ukraine, as well as on the use of Russia’s frozen assets for the benefit of Ukraine.