€285,000 in total: OECD to cover Ukraine's 2024 fees and past debts
The OECD will cover Ukraine's 2024 contributions and partnership fees for several of its bodies from its budget "as a sign of support," as well as Ukraine's debt for 2022 and previous years, providing nearly €285,000 in total assistance, according to Ukraine's Ministry of Economy.
"It is a signal to us that we are moving in the right direction and that our partners see this. Becoming a member of the OECD and further deepening our cooperation is one of the priorities for Ukraine today," Economy Minister Yulia Svyrydenko commented on the international organization's decision.
The Organization for Economic Cooperation and Development (OECD) is an international organization with 38 member countries. 70 countries have OECD partner status, participating in many areas of its activities. In terms of influence, the OECD is one of the world's top three economic institutions along with the IMF and the World Bank.
The OECD was established in 1961 based on the Organisation for European Economic Co-operation (OEEC), founded to manage aid from the United States and Canada under the Marshall Plan for the reconstruction of Europe after World War II.
This organization is called the "rich countries club" as member countries produce 2/3 of the world's material goods and services.
Cooperation between Ukraine and the OECD began in 1997 with the signing of an agreement between the Cabinet of Ministers of Ukraine and the OECD regarding privileges, immunities, and benefits granted to the OECD in Ukraine. The Ukrainian government ratified the agreement in July 1999.
In late September 2022, the OECD Council considered Ukraine's application for OECD membership and decided to recognize Ukraine as a prospective OECD member and initiate accession dialogue with the country.
OECD funds will be used to pay Ukraine's contributions to:
→ International Transport Forum,
→ Steel Committee,
→ OECD Seed Schemes,
→ Global Forum on Transparency and Exchange of Information for Tax Purposes,
as well as its partnership fees for:
→ Competition Committee,
→ Public Governance Committee,
→ Committee on SMEs and Entrepreneurship,
→ Inclusive Framework on Base Erosion and Profit Shifting,
→ Investment Committee,
→ Working Group on Bribery.
"With the OECD, we are focused on investment incentives, investment facilitation and deregulation, expanding support for ECAs in Ukraine and their coverage of 100% of investment risks, and reclassifying our country’s risk group from Group 7 back to Group 6 to make risk insurance more affordable," Svyrydenko said.
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