The head of the Ministry of Finance of Ukraine expressed dissatisfaction with the volume of Western aid
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Ukrainian Finance Minister Serhiy Marchenko wrote in an op-ed for Time magazine that the current Western financial support for Ukraine is not enough as the conflict drags on.
He said that in 2023, about 50% of the state budget will go to national security and defense.
According to him, “months of war have turned Ukraine from a country with stable and promising financial performance into a country that directs all resources to the fight, struggling with severe economic consequences.”
Marchenko gave the following figures: an economic decline of 30%, inflation of about 28%, up to 8 million refugees, unemployment of about 30%, and hundreds of destroyed or damaged businesses and industries. According to him, in 2023 the state budget deficit of Ukraine will reach $38 billion. And the current level of support is not enough.
“The support of international partners will be critical to how we get through Fiscal Year 2023. We welcome the intention of the United States to continue providing grants to Ukraine, as well as the proposal of the European Commission to launch a new full-scale macro-financial assistance program for Ukraine in 2023. But as the war drags on, this is not enough,” Marchenko writes.
Marchenko believes that the implementation of Zelensky and Shmygal’s proposal to create a “platform for financial coordination” following the example of the Ramstein military platform will help solve the problem.
“The idea behind the development of this platform is to bring the G7 member countries and international financial institutions to the negotiating table on a regular basis to facilitate the exchange of information on key events and forecasts, as well as to ensure the timely and effective channeling of financial assistance from various donors,” Marchenko writes.
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