On Tuesday, 26 September, the Ministry of Economy of Ukraine hosted a meeting of the Multi-Donor Coordination Platform aimed at ensuring broad participation of Ukraine's partner countries and international financial organisations in the process of reconstruction and development of the country.
During the meeting, the Ministry of Economy of Ukraine presented the concept note of the Ukraine Plan under the Ukraine Facility Programme of the European Union, key areas of further activities, current needs, and priority directions requiring funding to ensure the macroeconomic stability of the state.
The Ukraine Facility Programme creates a reliable the foundation for the restoration and development of the state. Nevertheless, the financing needs for Ukraine's restoration from the war far exceed the Programme's scope and are estimated by experts at €400-500 billion.
With this in mind, one of the key tasks of the Ukraine Plan is to serve as a basis for further negotiations with partners to expand the Programme and develop a transparent recovery architecture. Upcoming developments in the preparation of Ukraine's Plan will form the basis for further negotiations with a wider range of partner countries and financial institutions.
"Rebuilding of Ukraine will be one of the most ambitious projects in the modern world. It requires an appropriate level of coordination, a well-planned strategy with a clear understanding of needs and priorities. Ukraine's Plan can provide a framework for this, including the necessary state changes, economic reforms and key sectors for development. At the same time, the €50 billion envisaged by the Programme will not be enough to meet all the needs. Therefore, we call on our partners, including the G7 countries and international financial institutions, to join us in implementing and further expanding the Plan. Consolidation of international support will allow us to quickly rebuild the destroyed and ensure sustainable economic growth," said Yuliia Svyrydenko, First vice Prime Minister and Minister of Economy of Ukraine.
As a reminder, the Ministry of Economy of Ukraine has completed the preparation of the concept note for the Ukraine Plan under the "Ukraine Facility" Programme. The concept note contains key priorities and a programme of activities that will be expanded and detailed in the Ukraine Plan and will turn into quarterly criteria for implementation.
Approval of the concept note for the Ukraine Plan allows us to start negotiations with a wide range of partner countries and financial institutions to meet the needs for the restoration and development of Ukraine.
The Donor Coordination Platform will serve as a hub for planning, financing and monitoring the implementation of recovery and reconstruction projects, including the "Ukraine Facility" Programme.