Ukraine is negotiating with the EU, the USA and the IMF the comprehensive support for Ukrainian public finances in 2023. Such support will help ensure a predictable environment for businesses and the population, noted Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine, during the discussion within the framework of the EU Ambassadors’ Conference. 

“The main elements of economic support for us are macro-financial stability and rapid recovery.  We appreciate the EU’s decision to provide €9 billion of macro-financial assistance to Ukraine. This allows us to maintain the stability of public finances because our public revenues as of now cover only 50% of expenses.

The experience of the de-occupied territories in Kyiv, Chernihiv, Sumy and Kharkiv oblasts proves that the rapid restoration of critical infrastructure is of urgent need. We are trying to involve all our resources as well as the resources of our partners in the rapid reconstruction project,” Yuliia Svyrydenko stressed.

Ukraine is also filling the Recovery Plan presented at the Conference in Lugano and designed for 10 years with practical projects, First Deputy Prime Minister – Minister of Economy of Ukraine emphasized. 

The economic part of the Plan is aimed at economic recovery and rapid economic growth. For this, three ambitious goals were determined.

First, within 12 months after the end of the military aggression of the russian federation, to restore a safe environment for the comfortable life of people and making business in Ukraine. Second, to ensure the growth of Ukraine’s GDP from $200 billion in 2021 up to $500 billion in 2032 and the further ability of the economy to generate high rates of economic growth. And, finally, to achieve full compliance with the economic criteria for membership in the European Union.

Therefore, Yuliia Svyrydenko stressed, in order to achieve these goals, it is vital to stop the aggressor as soon as possible.

“Ukraine calls again: the world must respond relevantly to russian terrorism! Only a powerful economic blockade will stop the aggressor. A full embargo on oil and gas exports is needed. Strict restrictions on the export of metallurgical products are needed. It is necessary to block the revenues that feed this war today!  In the six months since the invasion, russia has received $158 billion from energy exports. And today these funds in the shape of missiles and drones shell the houses of Ukrainian residents, killing civilians. Therefore, Ukraine calls for more radical solutions in the next package of sanctions,” said Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine. 

According to Valdis Dombrovskis, Executive Vice-President of the European Commission, ensuring the macro-financial stability of our country is one of the biggest priorities of the European Union. So, since the beginning of the full-scale war, European partners have approved the allocation of €19 billion of aid to Ukraine. The EU is working to ensure that the funds reach Ukrainian accounts as soon as possible. 

“russia’s attacks on residential areas and civilian infrastructure prove the need for comprehensive support of Ukraine and maximum pressure on the aggressor. Therefore, we need to promptly conclude the discussions between the member states and ensure that the entire amount of macro-financial support actually goes to Ukraine. I hope that in the near future we will allocate the next €2 billion. And at the beginning of December – another €3 billion,” said Valdis Dombrovskis.

The Executive Vice-President of the European Commission noted, the EU would do everything it can to make macro-financial support for Ukraine more predictable next year – at the level of $1.5 billion every month. 

In parallel with this, other donors – the USA and other countries of the world, as well as international financial institutions – the IMF and the World Bank, will prolong their assistance for Ukraine.

Apart from that, Yuliia Svyrydenko called on world business to invest in the Ukrainian economy, which is a significant contribution to the reconstruction of the state yet today.