Finance ministry: Ukraine already receives EUR 45B in direct budget support from Sweden

The relevant statement was made by the Ukrainian Finance Ministry, following a meeting between Ukrainian Finance Minister Sergii Marchenko and the delegation of Swedish Members of Parliament.

In the course of the meeting, the parties discussed the implementation of Ukraine’s reforms on the way towards European integration, as well as the need for external financing to cover the priority state budget expenditures and the use of the frozen Russian sovereign assets for Ukraine’s benefit.

The ministry mentioned that, since February 2022, the Government of Sweden had provided about EUR 45 million in direct budget support for Ukraine.

According to the Kiel Institute for the World Economy, since the beginning of the full-scale Russian invasion, Sweden has provided Ukraine with military, humanitarian and financial assistance totaling more than EUR 3.2 billion.

“The support and solidarity of the Swedish government from the first days of the full-scale invasion were extremely important for Ukraine. This applies to financial, military and humanitarian aid. I am convinced that the further development of our partnership will help to strengthen Ukraine’s financial sustainability and maintain its macroeconomic stability, and Sweden’s experience in the process of European integration will be a significant contribution to Ukraine’s path towards the EU,” Marchenko noted.

Sweden has also repeatedly supported decisions on financial assistance to Ukraine in EU institutions.

As for the external financing needs, the importance of maintaining rhythmic support from international partners, in particular the EU, in the current and next years was emphasized. 

“It is extremely important for Ukraine to maintain further support from its partners. The Government is committed to cooperating with the European Union, the United States, the IMF and the G7 countries within the framework of existing initiatives. The implementation of the jointly determined reforms will not only ensure the receipt of the necessary macro-financial assistance, but will also bring Ukraine’s policies in line with EU regulations, which will help accelerate Ukraine’s European integration,” Marchenko emphasized.

In addition, Marchenko thanked the Government of Sweden for joining the Multi-Agency Donor Coordination Platform for Ukraine. During its eighth meeting on February 14, 2024, four more countries, such as the Republic of Korea, Sweden, Norway, and the Netherlands, joined the Platform, pledging to allocate more than USD 5.5 billion in total for Ukraine’s recovery and economic development.

In the context of the frozen Russian assets, the Ukrainian side stressed that their use should become one of the resources to meet Ukraine’s urgent needs.

A reminder that, according to Spokesperson for the European Commission Christian Wigand, if EU Member States can reach a quick agreement on the proposals of the European Commission and the High Representative of the EU regarding the use of revenues from the frozen sovereign assets of Russia’s Central Bank in the EU, Ukraine will be able to use the first funds from such proceeds by this summer.