Minister of finance says Ukraine needs more Western support as war is dragging on

Minister of Finance of Ukraine Serhii Marchenko wrote about this in his column for Time before the meeting in Davos.

The official noted that in 2023 the state budget deficit of Ukraine will reach $38 billion. He also reminded that due to constant massive missile attacks, Ukraine will need more funds for reconstruction.

"The support of international partners will play a crucial role in how we will pass the 2023 budget year. We welcome the US intention to continue providing grants to Ukraine, as well as the European Commission's proposal 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 wrote.

He stated that Ukraine needs to create a new financial coordination platform.

"The idea of developing this platform is to involve the G7 member states and international financial institutions on a regular basis to facilitate the exchange of information on key events and forecasts, as well as to ensure timely and efficient channelling of financial assistance from various donors," Marchenko explained.

According to the President of the European Council Charles Michel, since the beginning of the full-scale Russian invasion, Ukraine has received about EUR 50 billion of assistance from the EU countries.