We are witnessing a pivotal moment in Ukraine's economic landscape, marked by unprecedented treasury balances and robust international financial support. Prime Minister Denys Shmyhal highlighted the country’s fiscal achievements during a high-level meeting on budget implementation and economic development. With record-breaking figures in both domestic and foreign currency accounts, Ukraine is demonstrating its financial strength amid ongoing challenges.
Empowering Ukraine's Economic Stability Through Unprecedented Financial Milestones
Achieving Fiscal Confidence and Social Commitments
The Ukrainian government has successfully concluded the year with commendable fiscal performance. The state budget for 2024 has been meticulously managed, ensuring all priority expenditures and social commitments were fully funded. According to official reports from the State Treasury, every payment submitted was processed without delay. This remarkable achievement underscores the government's commitment to maintaining financial stability and honoring its obligations.Moreover, the single treasury account balance now stands at an impressive UAH 100 billion, while foreign currency accounts hold over UAH 163 billion—both setting new records. These figures reflect the resilience of Ukraine's financial system and its ability to withstand external pressures. The Ministry of Finance reported that UAH 2.2 trillion worth of taxes, fees, and mandatory payments have been collected into the general fund. Collectively, more than UAH 3.1 trillion has been allocated to both general and special funds, reinforcing the nation's economic fortitude.International Financial Assistance: A Cornerstone of Stability
A significant component of Ukraine's financial success lies in the substantial international assistance received throughout 2024. The government secured $41.7 billion in external financing, including $12.6 billion in non-repayable grants. Key donors such as the European Union, the United States, the IMF, Japan, the World Bank, Canada, and the United Kingdom played crucial roles in bolstering Ukraine's economy. In December alone, the country attracted $9.3 billion in aid, underscoring the unwavering support from the global community.This influx of financial resources has not only stabilized the economy but also facilitated critical infrastructure projects and social programs. The collaboration between Ukraine and its international partners has created a foundation for sustainable growth and recovery. Prime Minister Shmyhal expressed gratitude to these partners, acknowledging their steadfast support throughout the year. Their contributions have been instrumental in enabling Ukraine to meet its financial targets and maintain momentum in various sectors.Reparations and Asset Recovery: A New Frontier
An important milestone achieved in 2024 was the receipt of reparations from Russia for damages inflicted on Ukraine. For the first time, Russia began paying for the destruction caused by its actions. A notable achievement was the acquisition of the first tranche of $1 billion, guaranteed by future profits from frozen Russian assets. This amount, sourced from the United States through a World Bank program, forms part of a broader G7 initiative worth $50 billion.The process of confiscating and transferring frozen Russian assets to Ukraine's benefit represents a significant shift in accountability. Prime Minister Shmyhal emphasized the importance of this task, stating that all frozen assets must be seized and transferred to Ukraine. This move signifies a proactive approach to securing reparations and ensuring justice for the harm caused. It also sets a precedent for future actions aimed at holding accountable those responsible for the conflict.Gratitude and Recognition: Celebrating Collective Efforts
Prime Minister Shmyhal extended his appreciation to all individuals and entities contributing to Ukraine's financial resilience. He thanked Ukrainian and foreign businesses operating within the country for their role in bolstering the budget. Additionally, he acknowledged the efforts of those who protected, rescued, treated, educated, and paid taxes, highlighting their invaluable contributions to the nation's survival and continued resistance.The collective effort has enabled Ukraine to pay over UAH 730 billion in pensions and nearly UAH 180 billion in social benefits. These payments have provided essential support to millions of Ukrainians, ensuring they can meet their daily needs and maintain a decent quality of life. The synergy between government initiatives, business operations, and individual contributions has been crucial in sustaining Ukraine's economic and social fabric.READ MORE