On April 16, Minister of Finance of Ukraine Oleksandr Danyliuk and Yuri Butsa, his deputy for Europen integration, started their work as members of the Ukrainian delegation at the annual spring meetings of the International Monetary Fund and the World Bank in Washington which will be running till April 22.
This is one of the main events in the financial world which takes place twice a year under the patronage of the International Monetary Fund and the World Bank. The meetings are attended by ministers of finance, heads of national banks, leading economy researchers and business representatives from all over the world who discuss challenges facing the global economy and single countries.
The main topics of this year’s spring meetings of the IMF and the WB will include investments in the social area, development for peace, role of technologies and the future of the private sector in the development of the global economy.
As part of this visit to the USA, the Minister of Finance of Ukraine will have a meeting with Steven Mnuchin, US Secretary of the Treasury to discuss the sanction policy of the US Ministry of Finance, progress of reforms in Ukraine as well as trade and economic cooperation between the two countries. Also, the ministers will discuss the steps the Ministry of Finance of Ukraine has been taking to activate business cooperation, including the draft law of Ukraine (approved by the Ukrainian Government) “On the Ratification of the Agreement between the Government of Ukraine and the Government of the USA on the Improvement of Compliance with Tax Regulations and the Application of the US Foreign Account Tax Compliance Act”. Also, the parties will discuss future amendments to the Agreement between Ukraine and the USA on the Avoidance of Double Taxation to adjust it to the international OECD standards.
Oleksandr Danyliuk will also meet German Minister of Finance Olaf Scholz to discuss technical aid projects of the German Government for Ukraine and the support provided by Germany to deploy the EU’s Fourth Macro-Financial Aid Package.
The Minister of Finance of Ukraine will also have a meeting with French Minister of Finance Bruno le Maire. The main topic of this meeting will be support provided by France to launch EU’s Fourth Macro-Financial Aid Package for Ukraine and the possibility to review the Agreement between Ukraine and France on the Avoidance of Double Taxation.
Together with the Minister of Finance of Canada, the Minister of Finance of Ukraine will discuss the priorities of the Canadian presidency in G-7 and the support provided to Ukraine by the Canadian Government in reform implementation, including the institutional reform of the State Fiscal Service.
Also, the Minister of Finance of Ukraine will meet Valdis Dombrovskis, Vice-President of the European Commission for the Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union. The main topic of this meeting will be the EU’s Fourth Macro-Financial Aid Package for Ukraine.
In the course of the spring meetings of the IMF and the WB Oleksandr Danyliuk will also meet David Lipton, First Deputy Managing Director of the IMF, and Poul Thomsen, Director of the IMF’s European Department. The parties will discuss the further cooperation of Ukraine and the IMF as well as the successful implementation of the cooperation program.
The Minister of Finance of Ukraine will also meet Kristalina Georgieva, CEO of the World Bank, and Cyril Mueller, Vice-President of the World Bank, to discuss the status of the World Bank group’s projects in Ukraine.
After that, Oleksandr Danyliuk will meet the management representatives of the International Financial Corporation (IFC) and will attend the signing ceremony for the agreement between the IFC and the European Commission on the management of the Energy-Efficiency Fund of Ukraine.
The Energy-Efficiency Fund of Ukraine, which was established with the active participation of the team of the Ministry of Finance, is a new tool for the implementation of projects for the energy modernization of Ukraine both at the level of households and at the level of organizations. The work of the Fund is subject to the law of Ukraine, its budget is funded from the state budget of Ukraine and from the contributions provided by Ukraine’s international partners. The Fund will be providing funds for thermos-modernization projects, implementation of efficient monitoring and management systems, installation of efficient heating and cooling systems and equipment as well as for the replacement of available systems and equipment with more efficient ones. Funding is provided as a partial refund of the costs related to energy-efficiency measures to private persons and to legal entities.