Deputy Prime Minister Choi Sang-mok: "Ukraine Support Package Fully Underway"

5th Ukraine Support Meeting Held on the 17th (Local Time)

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, stated on the 17th (local time) that "the $2.3 billion Ukraine support package announced by President Yoon Seok-yeol last year is being actively implemented."

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Economy and Finance, is speaking about the response direction to the escalating tensions in the Middle East at the Emergency Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 15th. Photo by Jo Yong-jun jun21@

Deputy Prime Minister Choi attended the 5th Ukraine Support Conference held in Washington D.C. on the same day, coinciding with the International Monetary Fund (IMF) and World Bank (WB) annual meetings. This marks the second time a Korean Deputy Prime Minister has participated in this conference since October last year. The meeting was co-chaired by the Prime Minister of Ukraine, the heads of the IMF and WB, and attended by key finance ministers including Janet Yellen (United States), Jeremy Hunt (United Kingdom), and Suzuki Shunichi (Japan).

Deputy Prime Minister Choi stated that the Ukraine support package announced by President Yoon Seok-yeol during the G20 Summit last September is being actively implemented. The support package consists of $100 million from multilateral development banks, $200 million in humanitarian aid, and $2 billion from the Economic Development Cooperation Fund (EDCF), totaling $2.3 billion.

Deputy Prime Minister Choi announced that, in the mid to long term, $2 billion from the EDCF will be disbursed to support Ukraine’s reconstruction and to identify major infrastructure projects. He also explained plans to disburse $200 million in humanitarian aid within the year to respond to urgent needs. Additionally, he added that $50 million each will be contributed to the Ukraine support funds of the World Bank (WB) and the European Bank for Reconstruction and Development (EBRD) to strengthen support through international organizations.