Switzerland commits at least CHF 1.5 billion for long-term support to Ukraine

This content was published on April 12, 2023 – 23:52

12. April 2023 – 23:52
minutes

(Keystone-SDA)

At the World Bank’s third ministerial conference in Washington on Wednesday, Federal Councilor Ignazio Cassis emphasized Switzerland’s commitment to long-term support for Ukraine. The Federal Council intends to provide at least another CHF 1.5 billion by 2028.

The support is to be provided as part of the international cooperation strategy for 2025 to 2028, as announced by the Federal Department of Foreign Affairs (FDFA).

Together with the CHF 300 million earmarked for 2023 and 2024, Switzerland will support Ukraine with at least CHF 1.8 billion over the next six years.

Met Ukrainian Prime Minister Shmyhal

At the meeting on the occasion of the spring meeting of the World Bank Group (WBG) and the International Monetary Fund (IMF), Cassis also emphasized the importance of the “Lugano Declaration”.

The declaration was the result of the first conference on the reconstruction of Ukraine, to which Switzerland had invited in July 2022 in Lugano. According to Cassis, it contains important guiding principles for reforms and transparency, which are necessary for sustainable reconstruction.

Before the conference, Cassis had the opportunity to meet Prime Minister of Ukraine Denys Shmyhal. The Foreign Minister also wants to use his stay in Washington to establish contacts with high-ranking representatives of the WBG and the countries that belong to Switzerland’s constituency in the so-called Bretton Woods institutions.

Keller-Sutter and Jordan in Washington on Friday

Federal Councilor Karin Keller-Sutter and National Bank President Thomas Jordan will also take part in the IMF spring conference on Friday. According to the FDFA, at the meeting of finance ministers and central bank governors of the G20, the two will present “Switzerland’s most recent measures to safeguard financial stability”.

At the IMF, Switzerland is also committed to monetary, financial and economic policies that promote sustainable growth. This includes their ongoing commitment to sustainable and transparent sovereign debt.

Switzerland is also calling for more sustainability in the financial sector and for an open economic exchange with clear, predictable rules.

Implement coherent America strategy

Since February 2022, the Federal Council has been pursuing an America strategy with which “Switzerland is striving for a coherent approach towards the American continent and to strengthen the coherence of Swiss foreign policy”, as the FDFA writes.

As part of the implementation of this strategy, Cassis will travel to Chicago on Friday to take stock of the reopening of the Consulate General there. The reopening corresponded to a request from Parliament, which had called for more support for Swiss companies in the greater Chicago area.