It is becoming increasingly difficult for Ukraine to obtain financial support, - Ministry of Finance
Date: 2023-10-16 Author: Кирило Загоруйко Categories: ECONOMY
Ukraine is finding it increasingly difficult to secure financial support as officials in key donor countries turn their attention to upcoming elections and geopolitical tensions increase.
This statement was made by Finance Minister Sergei Marchenko on the sidelines of the International Monetary Fund and the World Bank meeting in Marrakesh, noting that Ukraine is now making twice as many efforts to convince partners to provide support compared to the last annual meetings in April, Reuters reports.
“I see great fatigue among our partners, they would like to forget about the war, but the war is still going on, full-scale,” Marchenko said.
He noted that as the war with Russia continues, Ukraine needs to enlist financial support from the West to cover its $43 billion budget deficit in 2024.
Marchenko said "geopolitical shifts and domestic political contexts in different countries" are dampening governments' appetite to support Ukraine, citing elections planned in the United States and European Union next year.
“We already have some commitments, for example, $5.4 billion under the IMF program, and we expect commitments from Japan and the UK, and, of course, we are counting on our key partners and allies - the United States and the European Union,” Marchenko said.
The EU is working on a 50 billion euro ($52.6 billion) aid package for Ukraine for 2024-2027. Marchenko said Ukraine wants to receive 18 billion euros of this amount in 2024, matching the package received this year.
Marchenko welcomed efforts to tap frozen Russian state assets, saying what was once portrayed by Western backers as an "attainable goal" now "sounds like a plan."
