Ukraine needs US$45bn in external financing next year

Ukraine’s Finance Minister Serhii Marchenko has said that the state budget will require US$45 billion in external financing to service debts next year.

Source: Ukrainian public broadcaster hromadske, citing Marchenko during the presentation of the government’s action plan

Quote: "At the moment, for next year, we have commitments that could potentially be directed to financing the budget deficit in the amount of US$35 billion. 

As you can see, this is insufficient, so we now need to focus on mobilising efforts, particularly through negotiations, to close the year 2026." 

Details: The government is seeking external financing specifically for 2026-2027, as from 2028, Ukraine will have its own EU-funded programme in the state budget. Efforts on this will be coordinated with the European Commission.

Marchenko said that the 2026 budget needs are largely covered, with "some assurances" already in place. Overall, Ukraine is cooperating with the G7, the EU and the International Monetary Fund.

Background: The Ukrainian Finance Ministry continues to engage with holders of GDP-linked warrants, on which the state defaulted earlier this summer, although no new restructuring talks have taken place.

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