Since the start of Russia's full-scale invasion in February 2022, Ukraine has received over $100 billion in foreign-backed external financing to support Ukraine's state budget, the country's finance ministry announced on Nov. 15.
Ukraine has received a $1.35 billion grant from the U.S., which will be allocated to humanitarian and social programs, Prime Minister Denys Shmyhal announced on Nov. 13.
The EU is preparing to gather up to 40 billion euros ($44.5 billion) in loans for Ukraine as Budapest keeps disrupting plans on a joint loan with the U.S., the Financial Times reported on Sept. 16, citing sources and a draft proposal.
The IMF team led by Gavin Gray held week-long negotiations with the Ukrainian authorities in Kyiv on the fifth review of the country's 4-year Extended Fund Facility (EFF) program. The EFF is a four-year funding agreement that will allow Ukraine to access $15.6 billion in financial aid in regular installments.
Maxwell Kushnir is a research analyst at the IMF. The contents of this article do not represent the views of any entity associated with the IMF, including staff, management or members of the Executive Board. Only publicly available data is used. Russia’s invasion has caused untold devastation across Ukraine,
"The intensity of hostilities and the risks of a prolonged war, as well as the systematic growth of security and defense sector expenditures, are the key factors that influence the growth of financial needs," Deputy Finance Minister Olha Zykova said.
Ukraine has received 4.2 billion euros ($4.6 billion) as part of the EU's four-year financial support program, Prime Minister Denys Shmyhal said on Aug. 13.
"Now we are constantly discussing with our partners that we need additional financial assurance because the war will continue in 2025, and we need to have a buffer," the minister said. According to Marchenko, the current pledges from partners will not be sufficient.
"These funds will help finance critical budget expenditures, social benefits, and the salaries of doctors and teachers," Prime Minister Denys Shmyhal said.
Ukraine needs $9.5 billion for rapid recovery this year, namely in the defense industry, energy, housing, agricultural, natural resources, and the IT sector, the Finance Ministry said on June 20.
Ukraine is set to receive $2.2 billion from the IMF's Extended Fund Facility (EFF), Prime Minister Denys Shmyhal announced on social media on May 31.
Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.
Speaking in Washington, IMF Managing Director Kristalina Georgieva said she was "confident" this would be achieved but added that fully addressing the country’s economic problems would require ending Russia's full-scale invasion.
The following is the April 2, 2024 edition of our Ukraine Business Roundup weekly newsletter. To get the biggest news in business and tech from Ukraine directly in your inbox, subscribe here. In March, Ukraine received the largest budget financing from its allies since the beginning of Russia's full-scale invasion
President Volodymyr Zelensky thanked the Japanese prime minister for more than $12 billion in assistance that Tokyo has already provided since the start of the full-scale war, in addition to further support pledged for 2024.
Ukraine will receive a $1.5 billion loan through the World Bank under its "Growth Foundations" Development Policy Loan (DPL) program, Ukraine's Finance Ministry announced on March 26.
The disbursal was the third such tranche of the Extended Fund Facility (EFF), bringing the total distributed so far to $5.4 billion.
The following is a chart based off of data originally published in the Kyiv-based Center of Economic Strategy's "Ukraine War Economy Tracker." The Kyiv Independent is republishing it with permission. Ukraine's budget struggles with low amounts of foreign aid in 2024 Ukraine's state budget financing needs compared with foreign budget
