June 18, 2024

The sixth meeting of the Ukraine Donor Coordination Platform took place in Brussels on Tuesday, 26 September, to discuss Ukraine’s financial needs beyond 2023 and the aid assessment for this year.

Source: European Commission, as reported by European Pravda

Details: The Donor Coordination Platform Steering Committee discussed Ukraine’s financial needs beyond 2023, as well as the latter’s vision for recovery, rebuilding and modernisation and its ability to absorb donor funding for “rapid recovery” in 2023.

Based on the draft budget, the Ukrainian side outlined the needs for budgetary support and “rapid recovery” in 2024 and briefed the partners on using donor funding in 2023.

“The Steering Committee agreed on the need to support Ukraine in this process going forward, including with possible technical assistance and advisory support,” the communiqué stressed.

The Ukrainian delegation along with representatives of the European Commission and the International Monetary Fund informed the participants of the platform about Ukraine’s progress in reforms considered essential for its economy in the future and discussed ways to support Ukraine in further reforms.

The Ukrainian government has presented the so-called Ukraine Plan, a medium-term development strategy for the country, intended to serve as a roadmap for reforms and to facilitate recovery, investment and readiness for EU membership.

The Steering Committee discussed the possibility of using the plan as a guide for coordinated donor support and a roadmap for reform and investment.

The Ukrainian Ministry of Finance reports that the parties also discussed the implementation of the IMF’s Extended Fund Facility programme for 2023-2026, totalling US$15.6 billion, and the launch of the EU’s Ukraine Facility initiative worth €50 billion over the next four years. These programmes provide for Ukraine’s implementation of structural and sectoral reforms agreed by the parties.

The EU was represented by Gert Jan Koopman, European Commission Director-General for Neighbourhood and Enlargement Negotiations; the US by Michael Pyle, White House National Security Advisor for International Economics, and Penny Pritzker, the newly appointed Special Representative for Ukraine’s Economic Recovery; and Ukraine by Oleksandr Kubrakov, Deputy Prime Minister for Recovery, Yuliia Svyrydenko, First Deputy Prime Minister, and Serhii Marchenko, Minister of Finance.

For reference: The first meeting of the Donor Coordination Platform took place online on 26 January 2023.

It brings together top officials from Ukraine, the European Union, the G7 countries and international financial institutions such as the European Investment Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, and the World Bank to coordinate efforts to provide financial support to Ukraine.

Background: On Tuesday, 26 September, it became known that the United States had proposed a list of priority reforms to its partners in the Coordination Platform, which Ukraine’s donors will use in their aid decisions.

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