Ukraine faces increasing difficulties in gaining financial support from partners – Ukraine's Finance Minister

It's becoming increasingly challenging for Ukraine to gain financial support as key donor countries focus on the upcoming elections.

Source: Serhii Marchenko, Ukraine's Finance Minister, in an interview with Reuters

Quote: "I see a lot of tiredness, I see a lot of weakness among our partners, they would like to forget about the war but the war is still ongoing, full-scale," Marchenko said on the sidelines of the International Monetary Fund and the World Bank meeting in Marrakech.

Details: The minister stressed that Ukraine is now making twice as much effort to convince its partners to provide support as it did at the last annual meeting in April.

Marchenko added that "a geopolitical shift and internal political context in different countries" are diminishing the willingness of governments to support Ukraine, mentioning elections scheduled in the United States and the European Union next year.

"We already have some commitments, like $5.4 billion from the IMF programme, and we expect commitments from Japan and United Kingdom, and of course, we rely on our key partners and allies the United States and European Union," Ukraine’s Finance Minister pointed out.

The EU is working on a €50 billion aid package for Ukraine for 2024-2027.

The minister added that Ukraine's economy should grow by 5% in 2024. Furthermore, sufficient gas reserves for the winter should protect the economy from potential price increases.

Background: Since the beginning of the Great War, the Group of Seven (G7) countries have contributed almost US$33 billion to the state budget, which is over half of all external financing over this period.

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