Ukraine’s government will receive $37.4 billion in international financing covering a two-year period, but “the same amount remains uncovered,” Ukraine’s Ministry of Finance told Kyiv Post.
All donor financing programs created for Ukraine expected hostilities to end in 2025, yet Russia has accelerating attacks on Ukraine by air, sea and land, leaving Ukraine with a worst-case-scenario budget deficit uncovered.
JOIN US ON TELEGRAM
Follow our coverage of the war on the @Kyivpost_official.
Ukraine will need $74.8 billion to cover 2026-2027 if Russia’s full-scale war continues in 2026, the finance ministry explained to Kyiv Post. But the final figure for 2026 alone is expected to be even larger – Ukraine needs “almost $45 billion,” adding to the need to service public debt, the press service added in reply.
Ukraine is seeking another $10-12 billion for 2026, and $25 billion for 2027, according to the finance ministry.
“I believe that together with our key stakeholders, we will arrive at an acceptable way to meet these needs,” Ukraine minister of finance Sergiy Marchenko previously said while voicing Ukraine’s macrofinancial needs at the government’s strategy presentation.
Ukraine’s central bank, the National Bank of Ukraine (NBU), forecast in its baseline scenario that Ukraine will receive $35 billion in 2026, and $30 billion in 2027.
“A third of these funds has already been announced by partners, and talks are underway regarding the rest,” the NBU previously voiced in its press announcement about the key rate updates.
Other Topics of Interest
US Special Envoy Kellogg Expected in Kyiv to Hash Out Security and Pray
Considered one of Ukraine’s staunchest supporters within the Trump administration, Gen. Keith Kellogg is becoming a mainstay in the Ukrainian capital.
While also replying to a Kyiv Post request, the NBU hinted that the gap in 2026 financing may be filled with carryover funds received this year.
In 2025, Ukraine expects to receive $54 billion, out of which it has already received $24 billion, the NBU wrote in its July 2025 Inflation Report. The remaining $30 billion will stem from an Extraordinary Revenue Acceleration (ERA) loan ($18 billion until the end of 2025), and EU’s Ukraine Facility macrofinancial package ($8 billion until the end of 2025).
“The overall external financing needs for 2026 amount to $45 billion, which include a carryover balance that the Ukrainian government plans to build up this year with the external financing it receives,” the NBU explained to Kyiv Post.
Ukraine is hoping to join the EU’s Multiannual Financial Framework – a program that will enable financing for 2028-2034, Ukraine’s Ministry of Finance told Kyiv Post.
Ukraine spent about 75 percent of its total state budget expenditure in the first quarter of 2025 alone, according to Kyiv School of Economics estimates.
Social wages, critically needed for the country during wartime, are supported by international financial aid, allocated from the ERA loan, backed by profits from frozen Russian assets; support from the EU and International Monetary Fund (IMF).
But although Ukraine’s partners created sufficient macrofinancial packages to help the country in wartime, they had not forecast Russia continuing hostilities for 2025 and beyond.
The current macrofinancial programs will soon expire, leaving Ukraine with uncertainty about financing.
The country mobilizes revenues domestically, fueling the budget. Ukrainians and Ukrainian enterprises have responded to the financial pressures by increasing tax revenues two-fold from 2022 to 2025, and 15 percent (adjusted for inflation) more than in 2021, according to KSE Institute estimations. Domestic borrowings, which became the second key domestic source of financing Ukraine’s economy in 2024 alongside larger taxes, doubled as well since the start of the invasion.
But the mobilized revenues are still not enough – the KSE Institute also estimated previously Ukraine’s projected budget deficit as being $46.3 billion for 2026.
