Ukraine needs $37.3B in external funding in 2024 – finance ministry
That's according to the Ukrainian Finance Ministry's press service, Ukrinform reports.
On December 19, Minister of Finance of Ukraine Sergii Marchenko participated in a meeting of finance ministers and central bank governors of the G7 countries, the European Union, the IMF and the World Bank.
"The support of the G7 countries has played an important role in ensuring the financial stability of Ukraine. As the Minister of Finance, I am grateful for the rhythmic and predictable financial assistance for Ukraine. In 2023, thanks to the coherent cooperation with international partners, the Ministry of Finance of Ukraine attracted more than $9 billion of external financing. By the end of this year, donor assistance will reach about $42.3 billion," Marchenko said.
The support of international partners, combined with effective decisions of the Government of Ukraine during the full-scale war, helped maintain financial and economic stability.
"In 2023, Ukraine's economy demonstrates stability and development. GDP growth is projected at up to 5%, inflation has decreased from 26.6% last year to 5.1% in November this year. In the first 11 months of 2023, the State Budget revenues from customs and taxation increased by $4.4 billion compared to the same period in 2022," Marchenko said.
He noted that in order to maintain Ukraine's economic recovery and financial stability in the face of the challenges of a full-scale war, timely receipt of the necessary assistance from international partners is vital. The need for external financing in 2024 will reach $37.3 billion, which has been verified by IMF experts.
"The need for external financing for 2024 has been reduced from $41 billion due to measures to maximize State Budget revenues, activate the domestic debt market and other measures. Capital State Budget expenditures were also reduced. In 2024, the key tasks are the military campaign and social support. And while defense and security are financed at the expense of domestic budget revenues, we are counting on the help of international partners to meet the needs of the social sphere," Marchenko said.
