The Minister of Finance of Ukraine Sergii Marchenko held bilateral meetings with Chancellor of the Exchequer of the United Kingdom Rachel Reeves and Minister of Finance of Lithuania Kristupas Vaitiekunas. The meetings took place on the sidelines of the Ukraine Recovery Conference 2026, held in Gdansk on June 25-26.
The meetings were also attended by Deputy Ministers of Finance of Ukraine Olga Zykova and Oleksandr Kava, Deputy Minister of Finance for European Integration Yuriy Draganchuk, and Government Commissioner for Public Debt Management Yuriy Butsa.
The parties discussed Ukraine’s financing needs for 2026-2027, coordination of international financial support, progress in implementing structural reforms, and prospects for using immobilized sovereign assets of the Russian Federation for the benefit of Ukraine.
Sergii Marchenko emphasized that Ukraine’s macroeconomic outlook remained directly dependent on the duration and intensity of the war. Despite the strong resilience of Ukraine’s economy, russia’s systematic attacks on critical and energy infrastructure continue to exert significant pressure on public finances.
According to the Budget Declaration for 2027-2029, approved by the Government in June, Ukraine’s total external financing needs for 2026-2029 amount to $145.9 billion.
“Despite substantial support from international partners, including the European Union’s new Ukraine Support Loan instrument worth EUR 90 billion for 2026-2027, Ukraine’s financing needs remain significant. Continued coordinated international support is critical to preserving macro-financial stability, financing civilian budget expenditures, and ensuring the country’s recovery,” Sergii Marchenko noted.
Special attention was paid to cooperation with international financial institutions. The Minister of Finance underlined the importance of continuing cooperation with the International Monetary Fund under the new four-year Extended Fund Facility program worth $8.1 billion. Recently, Ukraine and the IMF reached a staff-level agreement on the first review of the EFF program. This paves the way for Ukraine to receive the next tranche of around $690 million after approval by the IMF Executive Board.
Sergii Marchenko thanked partners for their significant contribution to supporting Ukraine since the start of the full-scale war, in particular through such key support instruments as the ERA Loans and the Ukraine Facility, as well as through countries’ contributions to major international funds aimed at Ukraine’s recovery and resilience. The Minister separately noted the United Kingdom’s contribution to strengthening Ukraine’s defense capabilities.
The parties also discussed the use of frozen russian sovereign assets for the benefit of Ukraine. Sergii Marchenko stressed that russia must bear full financial responsibility for the damage caused to Ukraine, and that the scale of destruction required not only the use of revenues generated from immobilized Russian assets, but also the assets themselves, for Ukraine’s recovery.
Following the meetings, the parties reaffirmed their shared commitment to further strengthening Ukraine’s financial resilience, continuing reforms, and deepening international coordination to ensure the country’s economic stability during the war and accelerate its recovery. (Finance Ministry)