Ukraine’s finance minister meets with IMF, World Bank management

The minister spoke with IMF Managing Director Kristalina Georgieva and Director of the IMF European Department Alfred Kammer, the ministry's press service reports.

"Further cooperation with the IMF is one of the priorities for the Government of Ukraine. For many years, the Fund has supported Ukraine in maintaining macro-financial stability by providing financial assistance and cooperation in implementing important measures and policies in the fiscal and financial spheres. After the start of a full-scale war, the IMF has once again demonstrated leadership by providing financial assistance in the first days of Russia's full-scale invasion under the Rapid Financing Instrument, a historic decision on a financial program for a warring country under the Extended Fund Facility, and assistance in mobilizing additional financial resources for Ukraine's urgent needs," said Sergii Marchenko.

The parties discussed the economic situation in Ukraine, the current state of cooperation and the implementation by the Ukrainian side of the four-year Extended Fund Facility (EFF) program.

In total, since the outset of the full-scale war, the Ministry of Finance has attracted about USD 6.3 billion of budget support from the IMF.

In addition, during the Annual Meetings of the IMF and the World Bank in Marrakesh, Morocco, Minister Marchenko met with the leadership of the World Bank, including its President, Ajay Banga.

Marchenko thanked the management of the World Bank for long-term productive cooperation.

"The financial system faced a key challenge: ensuring significant expenditures on protection and defense, which are fully financed from the state budget’s internal revenues, and priority expenditures on social protection and humanitarian assistance, where international partners help Ukraine to a large extent. As part of the financial resources mobilized by the World Bank, since February 24, 2022, Ukraine’s state budget has already received loan and grant funds in the amount of more than US$26 billion, including through the facilities of the many donors’ Trust Funds," the minister said.

The parties discussed the sources of funding for the 2024 state budget, the continued implementation of existing joint projects, and the launch of new ones for Ukraine’s recovery.

As reported, the Annual Meeting of the IMF and the World Bank kicked off in Morocco on October 9. Among the most important topics on the agenda is the impact of the Russian war on global economy, as well as continued financial support for Ukraine and challenges for food security.