Big Week of New Financial Pledges by Ukrainian Allies

With the yearly Spring Meetings of the World Bank and the International Monetary Fund (IMF) being held April 10 to 16 - including the third Ukraine Ministerial Roundtable - France, Japan, Switzerland, and the EU unveiled financial support plans for Kyiv totaling nearly $5 billion. This comes after Ukraine received the first disbursement $2.7 billion of a $15.6 billion IMF loan that will be issued over a four-year period.

 European Union

 The Council of the EU voted to allocate EUR 1 billion ($1.1 billion) under the European Peace Facility to ensure the immediate supply of artillery ammunition to Ukraine.

 “The Council today adopted an assistance measure worth €1 billion under the European Peace Facility (EPF) to support the Ukrainian Armed Forces,” according to the website of the European Union Council. “This measure will allow the EU to reimburse member states for ammunition donated to Ukraine from existing stocks or from the reprioritization of existing orders during the period 9 February to 31 May 2023.”

“As noted, today’s decision implements the first part of the Council agreement of 20 March 2023 on a three-track approach intended to speed up the delivery and joint procurement of artillery ammunition. This increases the total amount of financial assistance under the EPF for the purchase of weapons for Ukraine to EUR 4.6 billion ($5.1 billion).”

Other Topics of Interest

Survey: Ukrainians Remain Against Land Concession in Exchange for Peace – by Slim Majority

Over half of Ukrainians in a recent poll said they would not be willing to give up any territory for peace, but more than 40% said they were open to some territorial losses if it ended the war.

“With today’s decision, we operationalize the first part of the historic agreement reached by EU leaders to support the immediate delivery of €1 billion worth of artillery ammunition for the Ukrainian armed forces,” said Josep Borrell, High Representative for Foreign Affairs and Security Policy. “There is no better demonstration of the EU’s united resolve and determination to continue supporting Ukraine’s legitimate right of self-defense against the brutal Russian aggressor.”

France

 In Washington, French Minister of the Economy, Finance and Industrial and Digital Sovereignty Bruno Le Maire said Paris is ready to provide Kyiv with EUR 2 billion.

 Ukrainian Prime Minister Denys Shmyhal posted on Twitter that he “talked to Le Maire during Spring Meetings 2023. France is ready to support Ukraine with 2 billion euros ($2.2 billion) as part of a long-term program. Part of the funds will be used for reconstruction.”

Switzerland

Swiss Foreign Minister Ignazio Cassis said Switzerland intends to provide at least another $1.7 billion between 2025 and 2028. This is in addition to $337 million the alpine country has already allocated for 2023 and 2024, bringing their total over a six-year period to over $2 billion.

The support is to be provided as part of the international cooperation strategy for 2025 to 2028, the Swiss foreign ministry said on Wednesday.

Japan

According to a Verkhovna Rada Telegram post: “Ukraine will receive USD 3.5 billion from Japan. The allocation of this amount in 2023 was confirmed by the Minister of Finance Shunichi Suzuki,” informs Danylo Hetmantsev, the Chairman of the Committee on Finance.

The Telegram post continues: The funds of direct budget support will be used to finance expenditures in the social, educational, medical and humanitarian spheres.

·       Japan, which holds the presidency of the G7 this year, has taken a clear principled position on helping Ukraine since the beginning of the war.

·       In addition to supporting budget sustainability, it has provided significant humanitarian assistance.

·       The Japan International Cooperation Agency (JICA) is also implementing a number of important projects in Ukraine, sending large amounts of medical, communications, and energy equipment.

 “Grateful to the leadership and Government of Japan for their clear, consistent position and declared readiness to take an active part in the post-war reconstruction of Ukraine!”