The Ministry of Finance of Ukraine and the Swiss State Secretariat for Economic Affairs (SECO) have signed a Memorandum of Understanding on the implementation of the project “Fiscal Governance for Local Reconstruction and Recovery” (FG4R).

The document was signed by Serhii Marchenko, Minister of Finance of Ukraine, and Felix Baumann, Ambassador Extraordinary and Plenipotentiary of the Swiss Confederation to Ukraine (on behalf of SECO).

The new four-year project will serve as an important tool to support communities in the process of recovery and modernisation. It aims to strengthen the public finance management system at national and local levels, ensuring a transparent, effective, and sustainable recovery for Ukraine.

‘The signing of this Memorandum reaffirms the strategic partnership between Ukraine and Switzerland. Today, with the ongoing full-scale war and Ukraine’s efforts to restore destroyed cities and villages, effective management of local finances becomes particularly important. The support from Switzerland will help Ukrainian communities strengthen their financial capacity and implement modern approaches to planning and implementing restoration projects,’ said Serhii Marchenko.

The total volume of funding for the project from the Swiss Confederation amounts to almost CHF 7.4 million. The initiative will be implemented until October 2029.

Within the framework of the project, Ukrainian communities will receive support to improve budget planning, manage local revenues and debt, develop internal control and audit systems, and enhance the transparency of budgetary processes. Special attention will be paid to public investment management, which is a key element in the successful implementation of restoration projects.

In turn, SECO has confirmed its readiness to continue providing support to Ukraine on its path to restoration and strengthening the institutional capacity of the state and local self-government.

The project will be implemented by the international company Cowater International Inc., which will ensure its implementation in partnership with the Ministry of Finance of Ukraine, Ukrainian communities, and international experts.