Third meeting of the Steering Committee for the Multi-Agency Donor Coordination Platform for Ukraine

Today, on May 26, the third meeting of the Steering Committee of the Multi-Agency Donor Coordination Platform for Ukraine was held. 

The Platform is co-chaired by Minister of Finance of Ukraine Sergii Marchenko, White House Deputy National Security Advisor for International Economics Michael Pyle for the United States and Directorate-General Neighbourhood and Enlargement Negotiations Gert Jan Koopman for the European Commission. The meeting was also attended by representatives of the G7 countries, European Commission and IFIs. 

The parties discussed the mobilization of resources for the rapid recovery of Ukraine in 2023, as well as the preparation of the Ukraine Recovery Conference 2023 (URC), which is scheduled to take place in London at the end of June. 

Sergii Marchenko briefed his colleagues on the current state of Ukraine's economy and finances and emphasized the importance of continuing external financial support.

"In 2023, Ukraine has already received USD 18.5 billion of budget support, we have also received assurances from our partners to continue their support. We are working to mobilize resources for the next year," the Minister of Finance of Ukraine said.

In the context of the reconstruction, the parties discussed the progress in mobilizing resources for the rapid recovery of Ukraine, the existing instruments of donor support for Ukraine, and the possibilities of insuring war risks.

"We encourage our international partners to join the existing financing instruments developed jointly with the multilateral development banks. Today, we have the opportunity to offer various platforms to direct international support to Ukraine," the Minister of Finance of Ukraine emphasized. 

Recently, the World Bank has created effective mechanisms for attracting financial assistance, such as the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF) and the Special Program for Ukraine's Recovery and Crisis Response (SPUR).

The European Investment Bank has approved the EU for Ukraine Initiative. EIB will establish the EU for Ukraine Fund that will allow countries and donors to support investments in both the public and private sectors. The European Bank for Reconstruction and Development has created the EBRD Crisis Response Fund. Donor contributions are utilized as financial guarantees and investment grants to support vital sectors of the Ukrainian economy.

Sergii Marchenko also noted that during the Ukraine Recovery Conference to be held in June in London (UK), Ukraine will present specific projects for the priority recovery of Ukraine to attract international partners, business and financial organizations to finance and implement these projects. Also, a digital ecosystem for managing recovery processes DREAM will be presented. This system will ensure transparency of reconstruction and track all stages of projects, from planning and approval to financing, procurement, construction and commissioning. In addition, the Ukrainian side, together with representatives of partner countries and IFIs, will consider arrangements to support the availability of war risk insurance.

Summarizing, the parties reaffirmed their intention to continue to cooperate closely to attract international commitments for Ukraine's urgent needs.

Additional information

The Multi-Agency Donor Coordination Platform for Ukraine was launched on January 26, 2023, when the first meeting of the Steering Committee took place. The initiative brings together representatives of the authorities of Ukraine, the EU, the G7 countries, as well as partners from international financial institutions, including the European Investment Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, and the World Bank.