PM Shmyhal announces launch of financial ‘Ramstein format’

"It is important that financial assistance projects are clearly coordinated. Therefore, the G7 countries created a multi-donor coordination platform, the so-called financial ‘Ramstein format’. It will deal with three main areas: short-term and long-term support for Ukraine, international financing and coordination of reforms, and develment of the private sector," Prime Minister of Ukraine Denys Shmyhal said at the Cabinet’s meeting on January 24.

Shmyhal noted that the first meeting of the platform's executive secretariat will be held this week. The EU and G7 countries, IMF, EIB, EBRD, OECD, and other international financial organizations will coerate in the financial "Ramstein format".

"Both formats – energy and financial ‘Ramstein’ – concern ensuring additional stability of our state and the fulfillment of two main tasks. The first is to finance all critical expenditures, especially those relating to restoration projects. The second task is to successfully go through the heating season and preserve the integrity of our energy system," the Prime Minister added.

As reported, this year's minimum needs of Ukraine in funds are $38 billion to cover the budget deficit and $17 billion for priority recovery. Currently, the infrastructural restoration needs have already exceeded $700 billion.