On October 25, Minister of Finance of Ukraine Sergii Marchenko took part in the International Expert Conference on the Recovery, Reconstruction and Modernisation of Ukraine as part of the Ukrainian delegation headed by the Prime Minister of Ukraine Denys Shmyhal. The conference was hosted by the European Commission and the G7 presiding country, Germany, in Berlin.
Leaders and experts of international financial organizations, analytical centers, high-ranking officials of the Governments and representatives of the private sector participate in the conference.
The event is dedicated to shaping global efforts for post-war recovery and modernization of Ukraine.
Sergii Marchenko took part in a discussion panel and spoke about the decisions of the Government of Ukraine, which helped to maintain overall stability in the conditions of a full-scale war, the current economic and financial situation in the country and the needs for the next year.
“Even in a state of full-scale war, the Government of Ukraine continues to fully function, implementing reforms, maintaining macroeconomic stability. We finance all priority expenditures and support people most affected by the war. During the 8 months of the war, we attracted $23.1 billion of international assistance to the state budget, of which almost 50% were grants. The financial support of our foreign partners helped to reduce the negative impact of the economic consequences of the war, thanks to which we see a gradual recovery today,” said Sergii Marchenko.
The Government of Ukraine has implemented several coordinated solutions to reduce the state budget deficit, but the forecast of the need for additional financing in 2023 is more than $3 billion every month. Sergii Marchenko spoke about the economic forecasts for the next year.
“The 2023 budget was prepared under conditions of high degree of uncertainty. It takes into account the moderately conservative scenario of the macroeconomic forecast, the influence of the military situation and external factors. Real GDP growth is forecast at 4.6%, inflation at about 30% and deficit at 20% of GDP,” noted the Minister of Finance.
Speaking about the needs for recovery, Sergii Marchenko noted that in 2022 the Government of Ukraine had already allocated more than $164 million from the reserve fund for the recovery of critical infrastructure.
Considering the extent of the damage, Ukraine hopes for joint efforts of the public and private sectors of partner countries and international organizations to rebuild the country. (Government portal/Business World Magazine)
