According to Finance Minister Serhiy Marchenko, the world is tired of financing Ukraine as Western politicians’ focus is diverted by the impending elections and rising geopolitical tensions.
Nobody can deny it—not even Kiev officials—that exhaustion over the country’s financial requirements has taken hold.
The world witnessed yet another example of the never-ending fundraising for the war during the IMF gathering in Marrakech.
According to Finance Minister Serhiy Marchenko, however, Ukraine is finding it more difficult to obtain financial support as Western politicians’ focus is diverted by the impending elections and rising geopolitical tensions.
As per Reuters:
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“‘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 (IMF) and World Bank meetings in Marrakech.
In comparison to the previous annual meetings in April, he claimed that Ukraine is currently exerting “twice the effort to persuade our partners to provide us with support.”
The violence between Israel and Hamas has overshadowed discussions at the IMF summit.
“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.”
The majority of Ukraine’s expenditure needs for the upcoming year will be met by outside assistance.
“‘We already have some commitments, like $5.4 billion from the IMF program, 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’, Marchenko said in the interview.”
Denys Shmyhal, the prime minister of Ukraine, stated the same in Marrakech, estimating that the nation will require $42 billion in fiscal help through 2024.
At a high-level discussion, Shmyhal predicted that the state budget deficit in Ukraine would be roughly 20% of GDP this year and 21% in 2024.
“‘We expect support from all our partners, both in equal amounts’, Shmyhal said. ‘This will allow the government to meet its basic social obligations to pay pensions, salaries to doctors and teachers, and to help those whose homes have been destroyed by Russia’.”
He claimed that a swift recovery response campaign would require $14 billion in total.
“Shmyhal said the key to the country’s resilience has been economic reform programs, including those to fight corruption and boost digitalization. He said that Ukraine was preparing a single reform ‘road map’ through 2027 based on international recommendations and Ukraine’s proposals
[…] U.S. Treasury Secretary Janet Yellen at the roundtable also urged President Volodymyr Zelensky to stay focused on fighting corruption and pledged U.S. support for Ukraine for ‘as long as it takes’.”