Today, the Steering Committee Members and Participants of the Multi-agency Donor Coordination Platform for Ukraine met for the first time in Kyiv, showcasing unwavering support for Ukraine and to continue efforts to help Ukraine meet its immediate and long-term financing needs.
This ninth meeting, brought together Ukraine, the G7 countries as well as the Republic of Korea, the Netherlands, Norway, and Sweden, as well as observers from Denmark, Estonia, Latvia, Lithuania, Poland, Spain, Belgium, Finland, and Switzerland.
It was co-chaired by European Commission Director-General for Neighbourhood and Enlargement Negotiations Gert Jan Koopman, Minister of Finance of Ukraine Sergii Marchenko, and the US Deputy National Security Advisor for International Economics Daleep Singh. On the Ukrainian side, the Prime Minister of Ukraine Denys Shmyhal, First Deputy Prime Minister of Ukraine and Minister of Economy Yulia Svyrydenko and Deputy Prime Minister for Restoration of Ukraine and Minister for Communities, Territories and Infrastructure Development of Ukraine Oleksandr Kubrakov, also attended the meeting.
Budget financing needs
Ukraine's Prime Minister Denys Shmyhal opened the meeting by thanking partners for their support in 2023 and 2024 and underlining the need for continued support throughout this year and next. He emphasized Ukraine's commitment to reforms, including in the context of EU accession.
Ukraine's Finance Minister Marchenko presented Ukraine's 2024 total external budget financing needs, thanked donors for their commitments to covering part of the 2024 budgetary needs and outlined national measures the country has taken to mobilise additional revenue.
Steering Committee members confirmed their commitment to continue supporting Ukraine. The Commission on its side informed the Steering Committee about the disbursement in March of €4.5 billion in bridge financing under the Ukraine Facility. It provides much needed liquidity to help finance the functioning of the state such as public wages, pensions, and the provision of basic public services, so that the country can continue focusing efforts on winning the war. A second tranche of pre-financing of €1.5 billion to Ukraine is foreseen in April, subject to a positive assessment of the fulfilment of agreed conditions.
Early recovery and reconstruction
The meeting was also an opportunity to exchange on support for Ukraine's early recovery and reconstruction, including the most urgent needs in the energy sector. The Steering Committee welcomed the new Public Investment Management framework set up by Ukraine to identify its investment priorities, in line with the Ukraine Plan. The Commission underlined the need to strengthen Ukraine's capacities to absorb donor financing, to ensure that the much-needed support flows quickly to meet urgent needs and offered technical support in this context.
Reforms driving sustainable growth
The Government of Ukraine presented its Ukraine Plan, setting a coherent vision for reforms and investments to rebuild and modernise the country on its path to the EU, which will underpin disbursements under the EU's €50 billion Ukraine Facility. The Steering Committee members welcomed the adoption of this Plan by the Government of Ukraine and discussed how to use it as a key reference point for international coordination. The Steering Committee meeting was followed by a discussion with civil society representatives on the reforms needed for sustainable growth.
Private sector engagement
Emphasizing the significance of private sector engagement to support Ukraine's recovery, members agreed to launch a Business Advisory Council at the upcoming Ukraine Recovery Conference in Berlin. Its role would be to provide advice and expertise to the Multi-agency Donor Coordination Platform, to improve Ukraine's investment climate, attract private sector investment, and strengthen Ukrainian small- and medium-sized enterprises. After the Steering Committee meeting, its members also engaged with businesses from Ukraine, the G7 and beyond, to address the challenges they face, particularly due to the impact of the war, while also identifying opportunities for investment and growth.
Background
The Multi-agency Donor Coordination Platform for Ukraine was launched on 26 January 2023 to coordinate efforts to address Ukraine's financing needs, both in the short to medium-term.
So far, it has held nine Steering Committee meetings. It brings together high-level officials from Ukraine, the EU, and the G7 countries as permanent members.
Since February 2024, it expanded to four additional members, namely the Republic of Korea, The Netherlands, Norway, and Sweden. Furthermore, Denmark, Estonia, Latvia, Lithuania, Poland, Spain, Belgium and Finland, as well as Switzerland are observers. International Financial Institutions and Organisations, namely the European Investment Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, the World Bank, the Council of Europe Development Bank, the International Finance Corporation and the Organisation for Economic Co-operation and Development also participate in the platform.
The next Steering Committee meeting is foreseen in June 2024, in the margins of the Ukraine Reconstruction Conference in Berlin.
For More Information
- Joint Communiqué 9th Steering Committee meeting
- Donor Coordination Platform for Ukraine website
- Factsheet on the Membership Criteria
- Joint Communiqué 8th Steering Committee meeting
Previous Platform Steering Committee meetings:
Details
- Publication date
- 10 April 2024
- Author
- Directorate-General for Neighbourhood and Enlargement Negotiations