“Ukraine will receive EUR 6 billion (USD 6.6 billion) from the European Union through its four-year Ukraine facility in the next two months," Prime Minister Denys Shmyhal announced on Friday.
"The government anticipates receiving EUR 4.5 billion in March and an additional EUR 1.5 billion in April," Shmyhal informed a government meeting.
"This year, our goal is to acquire approximately EUR 16 billion from the European Union. Ukraine will have the necessary resources to combat and emerge victorious. This stands as our primary objective, and we will exert every effort towards its achievement," emphasized Shmyhal.
As the conflict with Russia enters its third year, Ukraine finds itself heavily reliant on economic and military assistance from its Western partners.
"This year, our goal is to acquire approximately EUR 16 billion from the European Union. Ukraine will have the necessary resources to combat and emerge victorious. This stands as our primary objective, and we will exert every effort towards its achievement," emphasized Shmyhal.
As the conflict with Russia enters its third year, Ukraine finds itself heavily reliant on economic and military assistance from its Western partners.
The provision of billions in economic aid over the initial two years of the conflict played a crucial role in enabling the government to uphold macroeconomic stability, control inflation, and ensure the punctual disbursement of pensions and salaries in the public sector.
The majority of Ukraine's domestic budget revenues are directed towards financing its defense endeavors.
According to data from the finance ministry, Ukraine received approximately USD 73.6 billion in foreign financing between 2022 and 2023.
However, during the initial two months of the current year, Kyiv only obtained USD 1.2 billion due to delays or blockages in major financing packages.
Finance Minister Serhiy Marchenko has highlighted the necessity for the country to secure about USD 3 billion monthly to navigate through 2024.
To meet expenditure requirements during the initial months of the year, the government resorted to increased borrowing from the domestic debt market and requested state-owned enterprises to make advanced obligatory budget payments.
While the European Union recently greenlit its four-year EUR 50 billion financing program for Ukraine, military and economic aid from the United States remains at a standstill.
The majority of Ukraine's domestic budget revenues are directed towards financing its defense endeavors.
According to data from the finance ministry, Ukraine received approximately USD 73.6 billion in foreign financing between 2022 and 2023.
However, during the initial two months of the current year, Kyiv only obtained USD 1.2 billion due to delays or blockages in major financing packages.
Finance Minister Serhiy Marchenko has highlighted the necessity for the country to secure about USD 3 billion monthly to navigate through 2024.
To meet expenditure requirements during the initial months of the year, the government resorted to increased borrowing from the domestic debt market and requested state-owned enterprises to make advanced obligatory budget payments.
While the European Union recently greenlit its four-year EUR 50 billion financing program for Ukraine, military and economic aid from the United States remains at a standstill.
Source: Reuters
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