Ukraine has received $27 billion in external financing since the start of Russia’s full-scale military invasion, this amount is expected to grow to $30 billion by the end of the year, Finance Minister Serhiy Marchenko said on the air of a national telethon.
“The need for 10 months of the war is $50 billion. Partly our partners helped us, partly we financed through domestic borrowing, including the monetization of financing by the National Bank of Ukraine,” he said.
According to the Ministry of Finance, as of December 7, total external financing amounted to $28.26 billion, of which $27.26 billion was used to finance the budget deficit, and another $1 billion – for reconstruction. Another $11.66 billion, or 370 billion UAH was provided by the National Bank through the purchase of government bonds.
Marchenko pointed out that next year’s state budget financing needs are estimated at $38 billion. “It is less than this year, but everything depends on how things develop on the military front… Own revenues are not enough even to meet the basic needs of security and defense,” the minister said.
According to him, besides EUR18 billion from the EU, Ukraine expects from the USA $9,9 billion for 9 months, as well as bilateral support from other G7 members, including Great Britain, Canada, Japan, with whom negotiations are already under way, and the World Bank and the IMF.
In this regard, Marchenko stressed the importance of creating a “financial Ramstein” – not only as a political platform, but also as a platform to address working issues – rhythm, predictability and possible funding delays.
“I can not say about the exact dates, but negotiations are underway, quite actively, at the working level meetings (take place) every two weeks,” he described the current situation on the creation of such a format.
Commenting on Hungary’s blocking of the decision to allocate EUR18 billion to Ukraine next year, Marchenko called the news “unpleasant, but no more.”
“I think that the EU will find ways to solve this issue. Already received signals that there are several steps, how it can be done, so we have no special worries about it. I think everything should be in order,” the head of the Ministry of Finance of Ukraine said.
As reported, the National Bank of Ukraine on Thursday projected a total external financing of the country this year at $ 31 billion.
