Ukraine Needs $8.7B In 2025 to Reach $39.3B Aid Benchmark

Out of $30.6 billion in external financing Ukraine already attracted in 2025, the country’s budget still needs $8.7 billion to reach the 2025 international aid benchmark, according to Ukraine’s Ministry of Finance.

The funds have already been secured under programs with international partners, and Ukraine is now awaiting the disbursement of tranches.

Ukraine’s foreign aid needs for the current year are $39.3 billion, the Minister of Finance Serhiy Marchenko stated after bilateral meetings in Copenhagen with G7, the European Union (EU) and International Monetary Fund (IMF) representatives. 

The parties discussed the state of Ukraine’s financial system, budgetary needs for 2026, new mechanisms of budget support for Ukraine, and reforms, the Ministry of Finance press release says. 

Out of the $39.3 billion in signed financing, Ukraine’s government has already received $30.6 billion that is currently sitting at the National Bank of Ukraine (NBU). 

Ukraine will receive the remaining $8.7 billion in 2025, lawmaker and Head of the Budget Committee Roksolana Pidlasa wrote in her Facebook update.

Ukraine has received over $145 billion in international financial assistance over the past three and a half years, according to Marchenko. 

Reporting to Ukraine’s lawmakers in parliament on Sept. 19, Marchenko said Ukraine is preliminarily estimating the need for external financing within the new IMF program at $150 to $170 billion, Interfax-Ukraine reported. 

Other Topics of Interest

Kremlin Warned: War Spending Is Breaking the Budget

Senior Russian officials have warned President Vladimir Putin that war spending in Ukraine is becoming unsustainable and risks widening the budget deficit, Bloomberg reports. Internal divisions are emerging between fiscal authorities calling for cuts and security officials pushing to maintain defence spending despite rising economic strain.

“Over the past three and a half years, Ukraine has received more than $145 billion in international financial assistance. This has enabled the Government to maintain macro-financial stability under full-scale war and to guarantee all necessary social expenditures. Given that the war continues, challenges to the financial system remain, and the continuation of external support is extremely important,” the press release said quoting the minister. 

Marchenko held talks with Canada’s Minister of Finance François-Philippe Champagne, Denmark’s Minister of Economic Affairs Stephanie Lose, European Commissioner for Financial Services, Savings and Investments Union Maria Luis Albuquerque, and Director of the IMF’s European Department Alfred Kammer.

Kyiv counts on ERA loan, IMF, and EU programs as current aid packages near expiry

For 2025, Ukraine’s three primary sources of funding include: the Extraordinary Revenue Acceleration (ERA) loan, backed by profits from frozen Russian assets, support from the European Union (EU) and International Monetary Fund (IMF) and tax revenue and government bonds purchased domestically. 

The ERA loan provides $50 billion in financial assistance that Ukraine will not have to repay. The ERA loan redirects interest earnings from Russia’s immobilized assets toward Ukraine to compensate for the destruction caused by the war.

This initiative was negotiated between Ukraine, the EU, the US, Canada, Japan, and the UK, with joint agreements signed in late 2024. These countries remain the ERA’s major stakeholders.

The IMF has also played a pivotal role, offering $15.5 billion through an Extended Fund Facility (EFF) program to support Ukraine until 2027. The EU has been providing $50 billion in financing during 2024-2027 through its Ukraine Facility financing program. 

Both programs are built on “money for the reforms” principle, where Ukraine needs to implement reforms in exchange for tranches. 

Finance Minister Marchenko estimates $18.1 billion uncovered financing needs for 2026

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.

Previously, Marchenko told Ukraine’s lawmakers that for 2026, the uncovered need for external financing currently amounts to $18.1 billion, based on the estimated average annual exchange rate of 45.7 UAH/$1, Interfax-Ukraine reported. 

The estimate differs from the figure of the National Bank of Ukraine: Ukraine has not yet found sources to finance the remaining $12.7 billion for Ukraine’s needs in 2026, according to Deputy NBU Governor Sergiy Nikolaychuk. Ukraine’s central bank does not publish its forecast on the exchange rate. 

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 previously told Kyiv Post.