As of November 24, the volume of financing actually allocated to Ukraine by international partners since the beginning of the war to cover the state budget deficit totaled $25.731 billion, and another $1 billion – for reconstruction, or 71% of the declared aid totaling $37.581 billion, the Ministry of Finance of Ukraine reports.
According to the data published on its website, grants accounted for less than half of the received funds – $10.49 billion, or 39.2%.
A month earlier, as of October 26, the funding was $23.123 billion to cover the budget deficit and $1 billion for reconstruction, or 65% of the announced aid for a total of $36.959 billion, and the grants were the same.
As indicated by the Ministry of Finance, the largest support to Ukraine was announced by the U.S. and the European Union – respectively, $12.99 billion and $11.5 billion. The U.S. allocated $8.49 billion, or 65%, of this amount, all in the form of grants, the EU – $7.367 billion, or 64%, of which only $626 million in the form of grants.
According to the table, the five largest donors of pledged aid are close to the International Monetary Fund (IMF), European Investment Bank (EIB) and Canada – $2.71 billion, $2.32 billion and $2.021 billion respectively. The IMF has allocated all the funds, while the EIB and Canada – $1.72 billion and $1.521 billion respectively, all as loans. At the same time, the EIB is so far the only one that has provided financing for the recovery.
Next comes the World Bank, Germany and Britain – $1.765 billion, $1.373 billion and $1.076 billion, respectively, of which Germany and Britain provided $1.049 billion and $128 million in grants respectively. These countries have allocated all the pledged funds, while the WB only 56%.
The donor to Ukraine’s budget of over $500 million since the start of the war is also Japan – $581 million: these funds have already been received, and all in the form of loans.
France announced support for the Ukrainian budget of $432 million, of which it received 77%, while Italy and the Netherlands gave $332 million and $330 million, respectively (of which Italy gave $125 million in grants). Italy has already provided all the funds, while the Netherlands has so far allocated one-third – $106 million.
Another nine countries have pledged a total of $172.5 million, of which $149.5 million has already been received, including $80.5 million in the form of grants. Sweden and Denmark are the largest: $49 million and $53 million, respectively, but Denmark has so far given only $53 million, but all in the form of grants.
The Ministry of Finance also pointed out that since the beginning of the war, the National Bank of Ukraine has covered the budget deficit by 355 billion UAH, or $11.246 billion in equivalent, through direct purchase of war bonds.
The monthly need to finance the state budget deficit this year because of the war, according to the Ministry of Finance and the government, is about $5 billion. Next year, the government plans to reduce the state budget deficit by $3-4 billion a month (a total of $38 billion for the year), counting on its financing by the United States, IMF and EU, and intends to raise $17 billion for emergency reconstruction.
Emission financing through the purchase of government bonds by the National Bank in the approved state budget-2023 has not yet been included, although such an option, as noted by Finance Minister Sergei Marchenko, remains. The NBU also admitted that next year the emission financing may still be needed, but insisted that its volume should not exceed 200 billion hryvnias per year.
