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US provides Ukraine with $14bn in financial aid over one year of war - Finance Minister Marchenko

The Ukrainian government is interested in the transparent and accountable use of donor funds.

US provides Ukraine with $14bn in financial aid over one year of war - Finance Minister Marchenko
Ukrainian Finance Minister Serhiy Marchenko
Photo: Oleksandr Zadnipryanyy/Mind

During the full-scale Russian invasion, the United States has provided Ukraine with more than $14 billion in financial assistance, the press service of the Ministry of Finance of Ukraine reports.

"To further obtain the financial assistance we need to overcome the economic consequences of the war, we must demonstrate to the world our achievements in the fight against corruption," Ukrainian Finance Minister Serhiy Marchenko said in an interview with the Wall Street Journal.

Commenting on the use of grant aid from the United States, the Minister of Finance of Ukraine noted that the government can demonstrate every person who received funds from American taxpayers. "When it comes to money from international partners, corruption is out of the question. But our partners also want to see that our own hryvnya revenues cannot be stolen either.

Since the start of the full-scale invasion, the United States has provided over $14 billion in financial assistance to Ukraine. The use of the funds is subject to review by Ukraine and the aid agencies. The World Bank, the United States Agency for International Development (USAID) and Deloitte Consulting - LLP are monitoring the use of US funding.

"The problem with corruption in Ukraine has not disappeared, so we need to broaden the tools we have to overcome it," said Serhiy Marchenko.

He noted that Ukraine needs to prove through actions that it is a reliable ally and can effectively use the funds raised.

Earlier this week, the National Bank of Ukraine said that during the year of the war, Ukraine received international aid worth more than $38 billion. As of the end of January, international reserves stood at $29.9bn.

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