Portugal will support Ukraine’s recovery and help build international support for the country’s victory, says First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Sviridenko.
She expressed this opinion after her meeting with Portuguese President Marcelo Rebelo de Sousa in the Brazilian capital, Brasilia, where the Ukrainian delegation, led by Sviridenko, attended the inauguration ceremony of Brazilian President Luiz Inacio Lula da Silva.
“I am grateful to Marcelo Rebelo de Souza for his personal involvement and diplomatic efforts in achieving victory and peace. I am convinced that economic and political cooperation with Portugal will only increase. It is not unreasonable to expect assistance in the movement of our state to the European Union and the participation of Portugal in the reconstruction of Ukraine,” Sviridenko said, as quoted by her press service in a statement on Monday.
As the economy minister noted, Portugal will help Ukraine “in the reconstruction of educational facilities. We are also grateful for help in strengthening our cooperation with the Portuguese-speaking community around the world.”
Portuguese President Rebelo de Souza reaffirmed his country’s full solidarity with Ukraine and its willingness to expand cooperation during the meeting.
During the meeting, they discussed cooperation in the economic sphere, the situation in Ukraine, in particular in connection with missile attacks on energy infrastructure, practical issues of reconstruction, etc.
Ukrainian President Volodymyr Zelensky thanked his American counterpart Joseph Biden for the support of the Ukrainian people.
“Joseph Biden, thank you for the support of our people!” he wrote in his telegram channel.
According to the Ukrainian commander-in-chief, “this visit is carried out on the eve of the new year, which can be extremely important for Ukraine.”
“I’m sure that together we can achieve significant results,” Zelensky stressed.
As reported, Biden and First Lady Jill Biden welcomed the president of Ukraine to the White House on the South Lawn. Biden said that the American people, both Democrats and Republicans, were proud to support Ukrainians.
The World Bank (WB) has set up a multilateral trust fund to support the Ukrainian government, the WB said in a statement.
The fund has attracted $250 million in seed financing.
“The Ukraine Recovery, Rehabilitation and Reform Trust Fund (URTF), which will be managed by the WB, will provide a coordinated mechanism for financing and supporting government activities,” the WB said in a press release.
According to the Swiss government’s commitments to the founding contribution and contributions from the governments of Austria, Iceland, Lithuania, the Netherlands, Norway and Sweden, the initial total amount of the fund is $250 million.
Canada and Japan have also pledged to support the URTF. Other partners are expected to join, the report said.
As the bank notes, due to the uncertainty of the situation in Ukraine, Kiev’s partners have to take a long-term approach to supporting the government’s efforts. Therefore, the fund has the structure of a flexible platform, which will provide the ability to respond quickly to changing circumstances and the needs of the country in the first 10 years of its operation.
The URTF will operate within the overall Multidonor Fund for Ukrainian Institutions and Infrastructure, which is part of the broader international support for the country and is coordinated by the World Bank group.
The WB recalls that to date it has mobilized $18 billion in emergency financing for Ukraine, taking into account donor commitments, of which more than $13 billion has already been disbursed. The largest donor is the United States.
Ukrainian President Vladimir Zelensky at a meeting in Kiev with Slovak Foreign Minister Rostislav Kacher thanked him, the Slovak government and the president for receiving and supporting more than 100,000 Ukrainian displaced persons and helping Ukraine obtain EU candidate state status.
“We are grateful to you for supporting our temporarily displaced people, of whom you now have over 100,000. We are grateful to you also in terms of diplomacy for supporting us without hesitation on our way to the EU – in terms of granting Ukraine the status of an EU candidate state,” Zelensky said.
He also thanked Slovakia for supporting Ukraine since the beginning of the full-scale Russian invasion.
“I thank Slovak President Zuzana Chaputova and extend to her warm greetings, the Prime Minister and the entire Cabinet of Ministers who have been and are by our side,” the president added.
The European Bank for Reconstruction and Development is negotiating with municipalities in the de-occupied territories and is ready to support them, EBRD President Odile Renaud-Basso said in an interview with Interfax-Ukraine.
“Supporting municipalities is one of the key priorities of the bank’s support in Ukraine. We recently signed a technical cooperation agreement with the city of Mariupol to conduct a loss and needs assessment, which will form the basis of preparations for the reconstruction of the city. We are negotiating with other municipalities, including recently de-occupied territories, and are ready to support them,” she said.
So far, the EBRD is working with a total of 19 municipalities across the country.
“Right now our focus is liquidity financing, but where possible we also continue to support priority investments,” Reno-Basso reported.
The full text of EBRD President Odile Renaud-Basso’s interview with Interfax-Ukraine will be published on the website.
Canada has issued CAD500 million in bonds in support of Ukraine, the purchase of which Canadians will help the Ukrainian government continue to provide financial support as well as help rebuild critical infrastructure, according to the Canadian government’s website.
“The Canadian government is issuing $500 million in Ukraine sovereignty bonds today, the prime minister first announced last month. These funds will help the Ukrainian government continue to provide essential services to Ukrainians this winter, such as pensions, fuel purchases and the restoration of energy infrastructure,” the report said.
It is noted that the Canadian government has partnered with participating financial institutions to offer Canadians the opportunity to purchase Ukrainian sovereign bonds with a $100 face value. “Canadians interested in purchasing this bond should contact their investment adviser or financial institution between now and November 29, 2022,” the statement said.
“Canadians who buy Ukrainian sovereign bonds will effectively be purchasing a regular five-year Canadian government bond with a current yield of approximately 3.3%, depending on market conditions at the time of issuance. Canadians can be confident in the safety of their investment, which is fully supported by Canada’s ‘AAA’ credit rating,” the agency explained.
Reportedly, after the completion of the bond issue and subject to negotiations with Ukraine, an amount equal to the proceeds of the bond issue will be transferred to Ukraine through the International Monetary Fund (IMF) account for Ukraine.
For his part, Ukrainian Prime Minister Denis Shmygal thanked his colleague Justin Trudeau and Deputy Prime Minister and Finance Minister Chrysta Freeland for their assistance.
“Today Canada issued $500 million in Ukrainian sovereignty bonds. The proceeds will help provide vital payments and services for Ukrainians this winter. Thanks to Justin Trudeau, Hrysta Freeland and all Canadians for supporting Ukraine,” Shmygal wrote on his Twitter microblog.
As reported on November 18, the Government of Canada began collecting applications to buy five-year bonds worth 500 million Canadian dollars (CAD, about 373.4 million at current exchange rates) – Ukraine Sovereignty Bonds – for financial support for Ukraine, offering to submit them until November 29 through participating financial institutions.
