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REUTERS/Benoit Tessie
The International Monetary Fund (IMF)
estimates that Kyiv will face a funding gap of $30 billion to $35 billion in
2027, followed by $17 billion in 2028, and $2 billion in 2029, Bloomberg
reported on Sept. 29, citing sources.
Ukraine’s donors met in Brussels on Sept. 29 to accelerate
negotiations on additional aid. The European Union agreed earlier this year to
provide a EUR90 billion loan ($105 billion) and is urging its partners to
fulfill commitments to provide an additional EUR30 billion ($35 billion) for
this year and next year.
The European Commission and the IMF are also urging the
Ukrainian government to implement its reform plan. Doing so would allow Ukraine
to unlock international aid and improve oversight of the funds it receives.
A European Commission spokesperson said a separate meeting
was scheduled between EU Economy Commissioner Valdis Dombrovskis and Ukrainian
Finance Minister Serhii Marchenko to discuss reforms required for the next
allocation of EU budget support to Kyiv.
EU member states are still discussing how to provide
additional funding to Kyiv, as the war is expected to continue into next year
and Russian and Ukrainian forces have intensified their attacks on infrastructure
in recent months.
Some countries have revived the idea of using EUR210 billion
($246 billion) in frozen Russian assets to raise additional funds. Others have
proposed issuing additional joint debt.
On Sept. 1, Ukrainian PM Sergii Koretskyi said the
government was imposing strict spending controls on budget funds not allocated
to defense needs.
On Sept. 4, Marchenko said Ukraine had not faced such
a difficult budget situation since Russia launched its full-scale invasion in
2022.
On Sept. 14, Koretskyi said Ukraine’s public finances
were approaching a critical point and that delays in passing necessary
legislation could jeopardize $29.5 billion in international aid.
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