Minister of Finance of Ukraine Participates in G20 Conference

5/7/19

Minister of Finance of Ukraine Oksana Markarova will participate in the High-Level Conference “Sustainable Debt for Sustainable Growth: Sound Financing for Development” that will take place in Paris on May 7, 2019 with the support of the G20 Presidency. This time the key point of the agenda will be financial sustainability, i.e. ensuring that countries find the right balance between their financing needs and avoiding excessive public debt.This event will bring together more than 60 global financial leaders, including ministers of finance, heads of national banks, heads of international financial institutions and private institutions.

The Conference will address how countries can foster economic growth and implementation of the sustainable development goals in ways that do not lead to their over-indebtedness.

“It is a great honor to speak at the G-20 Conference that is also a great opportunity to share Ukraine's unique experience in stabilizing the economy and moving to sustainable growth, despite the 2014 crisis and military aggression. We managed to reduce the public and publicly guaranteed debt to GDP ratio from to 80.9% in 2016 to 60.9% last year, and following the results of the first quarter of 2019 it was even less. That means we are confidently moving towards the goals set out in the Medium-Term Debt Management Strategy, and by the end of 2020 we expect the ratio to reach 49%. This is one of the representative results of prudent budget policy and successful structural reforms. - Oksana Markarova said. - Ukraine's positive experience will be useful to the G-20 while developing common recommendations that will allow countries to better develop local markets, manage their debt and thereby become more stable in anticipation of a slowdown in the global economy.”

The outputs of the Conference will feed into the June 2019 G20 Finance Ministers and Central Bank Governors’ Meeting, and the International Monetary Fund (IMF) and World Bank Group’s (WBG) joint work on tackling debt vulnerabilities.

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