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☆ Zelenskiy Says EU Aid Approval Will Boost Ukraine's Economy
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

KYIV (Reuters) - President Volodymyr Zelenskiy said on Thursday the EU's approval of an aid package to Ukraine would strengthen long-term economic and financial stability as the war with Russia approaches its third year. "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity," Zelenskiy said on the X social media platform. "Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia," he said. Ukraine expects to receive the first tranche of 4.5 billion euros ($4.9 billion) from the EU facility in March, the economy ministry said. The Latest Photos From Ukraine View All 91 ImagesUkraine critically depends on financial support from its Western allies.

Persons: Volodymyr Zelenskiy, Zelenskiy, Serhiy Marchenko, Olena Harmash, Jon Boyle Organizations: Finance, Kyiv, European Union Locations: Ukraine, Russia

☆ Yellen Says U.S. Will Fight to Ensure Robust Economic Aid for Ukraine
▼ + stars: | 2023-10-16 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +4 min

She said the Biden administration was committed to supporting Ukraine "for as long as it takes" and would fight to ensure a bipartisan majority in the U.S. Congress enacted "robust" and uninterrupted assistance for the war-torn country. Ukrainian Finance Minister Serhiy Marchenko told Reuters on Saturday that Ukraine is finding it harder to secure financial support. Yellen lauded the European Union's plans for a 50 billion euro Ukraine Facility to provide sustained economic and reconstruction support, saying that economic support should have maximum concessionality, meaning low or zero interest rates. WINDFALL PROCEEDS TO AID UKRAINETo ensure additional sources of revenue, Yellen reiterated that she supported "harnessing windfall proceeds from Russian sovereign assets immobilized in particular clearing houses and using the funds to support Ukraine." U.S.-EU collaboration was also crucial regarding economic ties with China, Yellen said, including targeted actions to safeguard national security interests such as restrictions on certain outbound investments in sensitive technologies.

Persons: Andrea Shalal LUXEMBOURG, Janet Yellen, Biden, Yellen, Jim Jordan, Donald Trump, Brussels's, Serhiy Marchenko, Andrea Shalal, Christina Fincher Organizations: . Treasury, Ukraine, U.S, Congress, Hamas, Sky News, Kyiv, Ohio, Republican, EU, Ukrainian, Reuters, UKRAINE Locations: United States, Europe, Ukraine, Israel, Gaza, America, Hungary, U.S, Russia, China, Washington

☆ Donor fatigue has come for Ukraine
▼ + stars: | 2023-10-15 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +3 min

Ukrainian officials say donor fatigue is now impacting their war effort. Ukraine officials say donor fatigue is a big part of the problem. "They would like to forget about the war, but the war is still ongoing, full-scale," Marchenko told Reuters on Saturday. AdvertisementAdvertisementUkrainian officials said they're also concerned that the war between Israel and Hamas could dilute future international support for Ukraine. Since Russia first launched its full-scale invasion of Ukraine in 2022, US lawmakers have approved about $113 billion in response.

Persons: —, Serhiy Marchenko, Reuters he's, Marchenko, they're, Pavlo Klimkin, Kyrylo Budanov, Budanov, Joe Biden, Biden, That'll Organizations: Service, Reuters, Ukraine, New York Times, Hamas, Republicans, Times Locations: Israel, Ukraine, Ukrainian, Russia

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Oct 14 (Reuters) - Ukraine is finding it harder to secure financial support as the attention of officials in key donor countries shifts to upcoming elections and geopolitical tensions heighten, Finance Minister Serhiy Marchenko told Reuters on Saturday. As the war with Russia rages on, Ukraine needs to secure Western financial support to cover a $43 billion budget gap in 2024. Marchenko said "a geopolitical shift and internal political context in different countries" was dampening governments' appetite to support Ukraine, mentioning elections scheduled in the U.S. and the European Union next year. Marchenko said Ukraine is seeking 18 billion euros of that in 2024, matching the package received for this year. Ukraine's economy is set to grow 5% in 2024, Marchenko told the meetings earlier this week, and sufficient gas storage for the winter should buttress the economy from a potential rise in prices, he told Reuters.

Persons: Finance Serhiy Marchenko, Susana Vera, Serhiy Marchenko, Marchenko, Jorgelina, Rosario, Elisa Martinuzzi, Helen Popper Our Organizations: Finance, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Bank, European Union, IMF, EU, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Ukraine, Russia, Israel, U.S, Japan, United Kingdom, United States

☆ Ukraine receives $1.15 bln grant from US under World Bank program
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +1 min

Olivier Matthys/Pool via REUTERS Acquire Licensing RightsKYIV, Oct 11 (Reuters) - Ukraine received a $1.15 billion grant from the United States on Wednesday as part of the PEACE in Ukraine program, the Ukrainian finance ministry said. The PEACE (Public Expenditures for Administrative Capacity Endurance) in Ukraine project has been the World Bank's flagship financing instrument for Kyiv during Russia's war on Ukraine. "In 2023, Ukraine has already received $10.9 billion in direct budget support from the United States in the form of grants," the finance ministry said. The project aims to compensate state budget expenditures in the social and humanitarian spheres, and is not intended for security or defence, the ministry said. The U.S. government has this year allocated $10.9 billion to finance Ukraine's state budget, it said.

Persons: Defense Lloyd Austin III, Volodymyr Zelenskiy, Olivier Matthys, Serhiy Marchenko, Yuliia Dysa, Timothy Organizations: Defense, Ukraine Defense Contact, NATO Defense, REUTERS Acquire, Rights, Timothy Heritage, Thomson Locations: Ukraine, Brussels, Belgium, United States, Ukrainian, U.S

☆ Ukraine should use China as leverage to win war with Russia, finance minister says
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUkraine should use China as leverage to win war with Russia, finance minister saysUkraine's Finance Minister Serhiy Marchenko tells CNBC's Silvia Amaro that Ukraine should use China as leverage to win the war against Russia.

WASHINGTON, April 17 (Reuters) - Just a month after the biggest banking crisis in more than a decade, the world's top economic and financial policymakers gathered in Washington and said surprisingly little about financial system stability - at least publicly. Some officials conveyed a sense that banking system safety was further down the priority list of global economic problems. "But it's still something where we need to stay vigilant and address potential risks which may emerge in our financial system," Dombrovskis told reporters. He added that the European Union's banking system was stable, well capitalized with ample liquidity. But during the IMFC's closed meeting, the possible spillovers from financial stability risks were a main topic, Ukrainian Finance Minister Serhiy Marchenko told Reuters.

"Financial support is very necessary, as well as military support," he said, acknowledging growing acceptance that the military conflict could drag on. "We should be ready that this war will last longer than we expected,” he said, noting that G7 partners were no longer pushing Ukraine to accept an end to war - as they had last year - but were now signaling their support for a longer conflict. Marchenko said there was also growing openness among donor countries to explore using Russia's frozen assets to pay for Ukraine's reconstruction than even six months ago. "Our partners are thinking about the possibility of using Russian assets as a necessary tool to support Ukraine. Marchenko said U.S. Treasury officials had told him the United States had a low amount of Russian assets, but the issue was of greater concern in Japan, Switzerland and EU countries.

☆ World Bank chief says Western European countries need to help fund Ukraine reconstruction
▼ + stars: | 2023-04-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, April 11 (Reuters) - The World Bank is ready to do its part in rebuilding Ukraine after the devastation of Russia's invasion, but international financial institutions cannot shoulder the sums involved alone and Western European countries will have to chip in, World Bank President David Malpass said on Tuesday. Malpass, speaking at the spring meetings of the International Monetary Fund and World Bank, noted that the World Bank had played a big role in rebuilding Europe's steel industry after World War Two and could play a similar role in Ukraine. The number, calculated by the World Bank, United Nations, European Commission and Ukraine, was up sharply from an estimate of $349 billion released last September. U.S. Treasury Secretary Janet Yellen on Tuesday repeated Washington's commitment to support Ukraine for as long as needed. Washington has also allocated some money for immediate short-term reconstruction needs, including rebuilding its electricity grid.

☆ Yellen backs fully financed IMF program for Ukraine by end-March -U.S. Treasury
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 27 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday backed completion of a "fully financed and appropriately conditioned" program for Ukraine with the International Monetary Fund by the end of March, Treasury said in a statement. Yellen's comments reflect growing momentum toward agreement on a new IMF financing package for Ukraine, coming days after IMF Managing Director Kristalina Georgieva also visited Kyiv. French Finance Minister Bruno Le Maire told reporters on Friday that European finance chiefs have endorsed a $15.5 billion IMF loan program for Ukraine, a sum in line with that given last week by Ukrainian Prime Minister Denys Shmyhal. Yellen spoke with Georgieva before leaving Washington to attend the Group of 20 meeting in India, and senior Treasury officials were in daily touch with IMF counterparts about the Ukrainian program, a Treasury official said. Yellen and Treasury officials also had conversations at the G20 with counterparts about an IMF program for Ukraine, the official said.

☆ Ukraine's economy stabilizes after shock of war
▼ + stars: | 2023-02-27 | by ( Olena Harmash | ) www.reuters.com time to read: +9 min

The economy shrank by a third last year, the largest fall since Ukraine's independence from the Soviet Union in 1991. ArcelorMittal Kryvyi Rih, Ukraine's largest steel mill, said its production was currently at about 25% of pre-war levels amid electricity blackouts. Ukraine's central bank predicts GDP will grow by 0.3% this year, while the economy ministry forecasts 3.2% growth. The agreement saved Ukraine's agriculture, which accounted for about 12% of GDP and some 40% of overall exports before the war. The steel sector, a key pillar of the economy, is among the hardest hit.

☆ Global Financial Watchdog Suspends Russia’s Membership
▼ + stars: | 2023-02-24 | by ( Mengqi Sun | ) www.wsj.com time to read: +4 min

A global financial watchdog, in an unprecedented move, suspended Russia’s membership in the organization, on the first anniversary of the Kremlin’s invasion of Ukraine. FATF said Russia’s war in Ukraine is a violation of the group’s principles to promote security, safety and the integrity of the global financial system and breaks with FATF’s commitment to international cooperation and mutual respect. Russia’s suspension from FATF significantly restrains the country’s influence on any FATF decisions while casting a shadow on its business climate, observers said. Russia, however, remains liable for membership dues if it intends to reapply for membership in the future. “The measure is both an important political statement as well as a recognition of the threats to the global financial system posed by Russia.

☆ Ukraine urges financial crime watchdog to expel Russia
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

KYIV, Feb 15 (Reuters) - Ukraine issued a new appeal on Wednesday to the global financial crime watchdog the Financial Action Task Force (FATF) to exclude Russia and blacklist it as a high-risk jurisdiction, the finance ministry said. Russia is a member of the Paris-based FATF which will be holding plenary and working group meetings on February 20-24. A year after Russia's invasion of Ukraine, Ukrainian officials have intensified appeals to their Western partners to tighten sanctions on Moscow to limit its ability to finance the war. We must stop Russia to protect not just Ukraine, but the entire global financial system." Ukrainian Central Bank Governor and other government officials issued similar appeals to FATF last year.

☆ IMF to meet Ukraine officials in Warsaw next week -source
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 10 (Reuters) - International Monetary Fund staff will meet with Ukrainian officials in Warsaw next week, a source familiar with the plans said on Friday, as Ukraine presses for a multi-billion dollar borrowing program to cover its funding needs given Russia's war. The Interfax Ukraine news agency earlier this month quoted Finance Minister Serhiy Marchenko as saying that Ukraine hopes to start negotiations with the IMF during the second quarter of 2023. At the time, the IMF said "program monitoring with board support", or PMB, "should help pave the way toward a possible full-fledged IMF-supported program." The scope of that program is a source of ongoing debate, given existing IMF constraints on lending to a country at war. Experts say the country's needs could be far higher, given the extent of damage caused by Russian attacks in recent months.

☆ Russia's war on Ukraine latest news: Ukraine gradually restores power
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +2 min

CONFLICT* NATO Secretary-General Jens Stoltenberg said the Western military alliance would not back down on its support for Kyiv. * The war's first winter will now test whether Ukraine can press on with its campaign to recapture territory, or whether Russia's commanders can halt Kyiv's momentum. [1/3] NATO Secretary General Jens Stoltenberg speaks during a news conference at the Alliance's headquarters in Brussels, Belgium November 25, 2022. EU governments were split on the level at which to cap Russian oil prices to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock. This is our mission number one this year," said Ukrainian President Volodymyr Zelenskiy.

☆ Ukraine's finance minister says reconstruction costs are rising
▼ + stars: | 2022-11-24 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 24 (Reuters) - Ukraine's Finance Minister Serhiy Marchenko has said more Western aid is needed to help it meet its growing reconstruction costs following this week's escalation of Russian missile attacks. Marchenko also said current Western support meant "we'll have approximately $3-3.5 billion a month vs $5 billion this year". However, he said the current budget includes only a very small amount for reconstruction costs which it needs to increase if possible. For now, though, Western support continues. Also, G7 foreign ministers will discuss how to ensure Ukraine's energy supply when they meet next week, German Foreign Minister Annalena Baerbock tweeted on Thursday.

☆ Ukraine receives 2.5 billion euros in assistance from EU
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

KYIV, Nov 22 (Reuters) - Ukraine received a new 2.5 billion euro ($2.57 billion) tranche of macro-financial assistance from the European Union on Tuesday, Finance Minister Serhiy Marchenko said. "The total amount (of macro-financial assistance) provided to Ukraine from February 24 (by the EU) reaches €6.7 bln," Marchenko wrote on Twitter. Prime Minister Denys Shmyhal wrote on Twitter that the assistance was "another step of solidarity," and expressed gratitude to EU leaders. ($1 = 0.9744 euros)Reporting by Max Hunder and Pavel Polityuk, Editing by Timothy HeritageOur Standards: The Thomson Reuters Trust Principles.

☆ Russian assets seized in Ukraine may be used for reconstruction - minister
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

KYIV, Oct 28 (Reuters) - Assets belonging to Russian and Belarusian individuals seized by Ukraine could be used for the country's massive post-war reconstruction effort, Finance Minister Serhiy Marchenko was quoted on Friday as saying. The government has frozen Russian and Belarusian assets in Ukraine worth some 44 billion hryvnias ($1.21 billion) since the start of Moscow's invasion on Feb. 24, according to the Economic Security Bureau, a state agency. "Money seized on the territory of Ukraine from Russian and Belarusian citizens can be involved in this fund," he added, without elaborating. The European Union is also looking at using Russian assets frozen under Western sanctions against Moscow in the postwar reconstruction of Ukraine, the head of the European Council, Charles Michel, said at an EU summit last week. Moscow said on Thursday it would retaliate if the EU moved to confiscate assets belonging to the Russian state or its citizens.

☆ IMF concludes mission on Ukraine, urges authorities to avoid eroding tax revenues
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 21 (Reuters) - An International Monetary Fund team held productive discussions with Ukrainian authorities in Vienna this week and will continue work in coming weeks on Ukraine's request for enhanced program monitoring, IMF mission chief Gavin Gray said on Friday. Gray said IMF staff met with Ukrainian authorities, and discussed its findings with Finance Minister Serhiy Marchenko and Governor of the National Bank of Ukraine Andriy Pyshnyi. He said Russia's invasion had caused tremendous human suffering and had a severe economic impact, with the fiscal deficit rising to unprecedented levels. But IMF officials were encouraging Ukraine to refrain from measures that erode tax revenues. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Ukraine's Marchenko to chair IMF, World Bank governing boards in 2023
▼ + stars: | 2022-10-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023. The decision, which was announced during the annual meetings of the IMF and World Bank in Washington, means that Marchenko will also chair next year's annual meeting of the institutions, which is scheduled to be held in Morocco. Russia is a member of the institutions and could have objected, but did not. World Bank and IMF members choose a new chair for the board of governors on a regional rotation basis. Egypt is in that role this year, but it will rotate in 2023 to Europe and Central Asia.

☆ Yellen calls for allies to quickly disburse committed funds to Ukraine
▼ + stars: | 2022-10-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

We will continue to support you as you rebuild the prosperous and free Ukraine that your country has fought so hard to secure," Yellen told Marchenko and his delegation before a meeting. Register now for FREE unlimited access to Reuters.com RegisterWashington intended to disburse $4.5 billion in direct budget support to Ukraine in coming weeks, she said. Congress approved that funding two weeks ago, bringing total U.S. direct budget support for Ukraine to $13.5 billion - all in grants. "But let me be clear: international support for Ukraine is a collective effort. We are calling on our partners and allies to join us by swiftly disbursing their existing commitments to Ukraine and by stepping up in doing more — both to help Ukraine continue its essential government services and to help Ukraine begin to build and recover," she said.

☆ U.S., allies aim to continue hammering Russia over its 'egregious' war in Ukraine -officials
▼ + stars: | 2022-10-11 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

A rescuer works at the site of a residential building heavily damaged by a Russian missile strike, amid their attack on Ukraine, in Zaporizhzhia, Ukraine October 6, 2022. REUTERS/StringerWASHINGTON, Oct 11 (Reuters) - Western governments plan to ratchet up pressure on Russia over its war in Ukraine, underscoring continued support for Ukraine when finance officials from around the world gather in Washington this week, senior U.S. officials said on Tuesday. Yellen does not plan to walk out when Russian officials speak at a gathering of Group of 20 officials on Thursday, as she and other Western officials did during the spring meetings of the IMF and World Bank, the official said. Instead, they will "stay and rebut whatever the Russians say, both before they speak and after they speak," the official said, blasting the "egregious methods" used by Russia in the war. The IMF is slated to downgrade its forecast for 2023 global growth on Tuesday to reflect the impact of the war, continued inflation and debt problems.

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