The site is currently in test mode

Sergii Marchenko: Ukraine needs USD 6.5 billion to fully meet its recovery needs this year

Minister of Finance of Ukraine Sergii Marchenko took part in panel discussions during Constituency Meetings of the IMF and the World Bank in Montenegro. During the event, the state of the economy in countries receiving migrants and refugees was discussed.

“As a result of the full-scale russian invasion of Ukraine, millions of Ukrainians found refuge in European countries, and we are grateful to the governments of these countries for providing assistance and protection. In many countries, forced Ukrainian migrants gained access to social assistance, medical services, education and employment on an equal basis with the citizens of the host countries,” said Sergii Marchenko.

The Minister of Finance of Ukraine also noted that the Ukrainian migrants factor has a positive effect on the economies of the host countries. According to experts' assessments, the stay of Ukrainians in these countries will have a positive effect on their economies in the long run, as Ukrainians spend money and actively integrate into the European labor market.

During the event, the Minister of Finance of Ukraine emphasized the priority task of the Government of Ukraine - creating incentives for citizens to return home. In this context, the rapid recovery of the country is important.

According to Sergii Marchenko, the financing needs for the priority recovery of Ukraine for 2023 are USD 14.1 billion for 5 key areas that directly affect people's well-being and stimulate Ukraine's economy. In particular, it is the energy sector with needs in the amount of USD 3.3 billion, humanitarian demining with needs in the amount of USD 400 million, reconstruction of destroyed and damaged housing – USD 1.9 billion. Critical and social infrastructure recovery needs are USD 5.8 billion, and USD 2.8 billion is needed to support the private sector.

“In the state budget for 2023, the Government of Ukraine has allocated funds for priority recovery in the amount of USD 3.3 billion. Our international partners have provided guarantees for about USD 4.3 billion. At the same time, unsecured priority recovery needs this year are about USD 6.5 billion. Therefore, the timely attraction of these funds is of crucial importance for creating proper living conditions for people and the return of migrants, as well as promoting the economic growth of Ukraine,” said the Minister of Finance of Ukraine.

Sergii Marchenko also informed that the governments of Ukraine and Great Britain are closely cooperating on the organization of a recovery of Ukraine conference, which will be held in London at the end of June:

“We plan to present recovery projects, as well as discuss mechanisms for insurance against military risks. I am sure that this conference will consolidate international partners and donors and will contribute to their involvement in the restoration of Ukraine.”