Ukraine will need over US$40bn in external financing in 2026, Ukrainian PM says

Ukraine needs substantial international support, with over US$40 billion needed in external financing for 2026.

Source: Ukraine’s Prime Minister Denys Shmyhal during the 14th meeting of the Ukraine Donor Platform’s Steering Committee on the margins of URC-2025 (Ukraine Recovery Conference)

Details: Shmyhal pointed out that at the end of June, the government submitted amendments to the state budget law, providing for an increase in defence spending by almost US$10 billion to help effectively counter the enemy.

"The total financial resource for defence and security in 2025 will amount to nearly US$50 billion. That is 26% of GDP," the prime minister stated.

The weapons procurement budget is also a record-high US$16.4 billion, while the state’s own revenue is projected at US$48.5 billion.

"Thus, external financing is critically important for us, as it allows Ukraine to allocate its own resources directed at defending our country," Shmyhal said.

He noted that Ukraine has already secured US$22 billion in external financing this year.

Quote: "Meanwhile, 2026 remains a challenge. Our external financing needs will stay above US$40 billion. The key task is to develop mechanisms and instruments that will make it possible to raise these funds."

Background: The Cabinet of Ministers (the Government of Ukraine) has a clear plan to cover this year’s budget deficit, while negotiations are already underway regarding financing for 2026, which is expected to carry many uncertainties.

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