Over the past three and a half years, Ukraine has received more than $145 billion in international financial aid, which has allowed it to maintain macro-financial stability amid a full-scale war and guarantee all necessary social spending, Finance Minister Serhiy Marchenko said during a series of bilateral meetings with finance and economy ministers from G7 countries and the EU, representatives of the European Commission and the IMF on September 20 in Copenhagen.
“Given that the war continues, the challenges for the financial system remain, and continued external support is extremely important. In 2025 alone, more than $30.6 billion in external financing has already been attracted, and the need for the current year is $39.3 billion,” the Ministry of Finance quoted him as saying in a press release on its website.
It is noted that the minister discussed with his colleagues options for additional financial support for Ukraine, in particular, the possibility of implementing the European Commission’s recently presented initiative on a reparations loan guaranteed by frozen Russian assets.
As specified by the Ministry of Finance, as part of the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative worth $50 billion, Ukraine has received about $23 billion from its partners since the end of last year from the proceeds of frozen Russian assets.
Marchenko noted the support of the Canadian and EU governments for the initiative. In particular, Canada’s contribution to ERA is CAD 5 billion (about $3.4 billion), and the EU’s contribution is EUR 18.1 billion (about $20 billion).
In addition, the minister stressed that the government continues to work on implementing the necessary reforms for the implementation of the EU’s Ukraine Facility financial instrument for 2024-2027 in the amount of EUR 50 billion, within which more than EUR 22.6 billion has already been raised.
The Ministry of Finance specified that negotiations were held with Canadian Finance Minister François-Philippe Champagne, Danish Minister of Economy Stephanie Løse, European Commissioner for Financial Services, Savings, and Investments Maria Luisa Albuquerque, and Director of the IMF’s European Department Alfred Kemmer. The parties discussed the state of Ukraine’s financial system, budgetary needs for 2026, new mechanisms for budgetary support for Ukraine, and reforms.
In particular, Marchenko discussed with Kämmer the possibility of launching a new cooperation program with the IMF by the end of the year, a request for which the Ukrainian side recently sent to the Fund.
Earlier, the finance minister estimated Ukraine’s external financing needs in 2026 at $45.5 billion, and the total amount of external financing required for the period of the new four-year program with the IMF at $150 to $170 billion.
As reported, the current four-year EFF extended financing program with the IMF in the amount of $15.6 billion, which was approved in March 2023, initially provided for a total of $115 billion in external financing for Ukraine with the participation of international partners in the baseline scenario and $140 billion in the negative scenario, but with the delay in entering the war, these figures were increased to $153 billion and $165 billion, respectively.
