Support for recovery and reconstruction of Ukraine
We reaffirm our strong commitment to ensuring that Ukraine has the economic support it needs. Under the leadership of Japan’s G7 Presidency, together with the international community, we have ensured Ukraine has the budget support it needs for 2023 and early 2024. We welcome the approval of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) and look forward to the swift implementation of Ukraine’s reforms supported by the program. The program will help to stabilize Ukraine’s macroeconomic and financial situation, contribute to longer-term economic sustainability, and help to catalyze further financial support from other countries and institutions as well as the private sector.
We welcome the progress made in discussions in the Multi-agency Donor Coordination Platform for Ukraine and reaffirm our intention to further coordinate with Ukraine, partner countries and relevant international organizations. We are committed to addressing Ukraine’s recovery needs. We will continue our joint effort to support Ukraine’s repair of its critical infrastructure, recovery and reconstruction. We are determined to use the Platform as our primary mechanism to ensure that our assistance and support for reforms are well coordinated, properly sequenced, and mutually reinforcing. It will play a central role in coordinating donor support to match Ukrainian needs, advancing Ukraine's reform agenda in line with its European path and helping to promote sustainable private sector-led growth. We also welcome the efforts of the G7+ Foreign Ministers’ Meeting on Ukraine Energy Sector Support and reiterate our continued support for restoring and upgrading Ukraine's energy infrastructure. We stand ready to support the sustainable and resilient recovery and green reconstruction of Ukraine, including by sharing our experience, knowledge and expertise regarding humanitarian de-mining and war-related debris and pollution management.
We recognize the importance of the role of the private sector for Ukraine’s recovery and reconstruction, including through trade and investment, which may be facilitated through insurance and other tools to manage risk. In this regard, we welcome efforts by the World Bank Group, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and our Development Finance Institutions (DFIs) in accordance with their mandates. These efforts include the establishment of the Support for Ukraine's Reconstruction and Economy (SURE) Trust Fund at the Multilateral Investment Guarantee Agency (MIGA) as well as the launch of the Ukraine Investment Platform in Tokyo on May 12 to support Ukraine and affected countries more broadly, through further efficient co-financing and greater collaboration among the DFIs, together with the EBRD. We expect the Ukraine Recovery Conference, which will be held in London in June this year, to reinforce momentum behind Ukraine's recovery and reconstruction.