During the first half of 2025, Ukraine attracted $22 billion in external financing to its state budget. The majority of this amount—$17.6 billion—came from the G7 countries and the European Union as part of the ERA initiative.
This is reported by Finway
Sources of Funding and Support Structure
In six months, Ukraine received:
- $3.8 billion from the EU in the form of concessional financing and grants under the Ukraine Facility program;
- $400 million from the International Monetary Fund;
- $190 million in concessional financing from Japan;
- $50 million in concessional financing from the World Bank.
In total, since the beginning of the full-scale war, international budget support for Ukraine has exceeded $137 billion.
Future Plans and Medium-Term Strategy
Prime Minister Denys Shmyhal emphasized that the government has a clear understanding of how to cover the current budget deficit, but negotiations with partners regarding financing for 2026 are already underway, as this period is accompanied by many unknown factors.
“The government understands how to close the budget deficit this year, while negotiations for financing in 2026, which carries a lot of uncertainty, are already ongoing.”
According to the Budget Declaration for 2026–2028, there is a planned gradual reduction in the volume of external financial support and a decrease in the state budget deficit in the medium term. Specifically, in 2026, the deficit will be 9.9% of GDP, in 2027 it will be 5.2%, and in 2028 it will be 3.8% of GDP.
Budget financing in the next three years will primarily be carried out through debt operations. Thus, in 2026, the volume of borrowings is expected to be ₴1.03 trillion, in 2027 it will be ₴618 billion, and in 2028 it will be ₴510 billion. The state plans to attract funds both through domestic government bonds and from external partners.