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Kiev bracing for two-fold drop in Western financing by 2027

Yaroslav Zheleznyak noted that the cabinet of ministers is hoping to develop an "additional package of measures" which will add 340 bln hryvnias ($8.4 bln) annually to the budget from 2025 to 2027

MOSCOW, July 1. /TASS/. The Ukrainian cabinet of ministers has included in its economic plans an almost halving in financing from partners by 2027 as well as a significant drop in the value of the hryvnia, Verkhovna Rada (Ukrainian parliament) member Yaroslav Zheleznyak said, citing the 2025-2027 budget declaration.

According to the information published on Zheleznyak’s Telegram channel, the document, approved by the government, provides for Ukraine receiving from the West 1.53 trln hryvnias ($37.8 bln according to the current exchange rate of the National Bank of Ukraine) in 2025 as grants and credits, 1.04 trln hryvnias ($25.7 bln) in 2026, while in 2027, this amount will be 786.5 bln hryvnias ($19.4 bln).

The legislator added that the cabinet of ministers is hoping to develop an "additional package of measures" which will add 340 bln hryvnias ($8.4 bln) annually to the budget from 2025 to 2027.

That said, he noted that the plans include the further depreciation of the hryvnia. For 2025, its exchange rate is slated to be 45 hryvnias per dollar, 46.5 hryvnias per dollar in 2026 and 46.4 hryvnias in 2027. The current exchange rate according to the National Bank of Ukraine is 40.4 hryvnias per one dollar.

According to Zheleznyak, the country’s government approved the budget declaration on June 28, almost a month later than the established deadline, because it was waiting for consultations with IMF partners.

On budget deficit

For 2024, Ukraine planned for a budget deficit of $43.9 bln. The government hopes to cover most of it with Western aid. Ukrainian Finance Minister Sergey Marchenko said that the budget needs a monthly influx of $3 bln in financing from its partners. Meanwhile, in the West, new aid packages to Kiev are getting harder and harder to pass. As head of the IMF mission to Ukraine, Gavin Gray, earlier noted, over time, international support for Kiev will diminish and the country’s authorities need to "develop internal resources for self-financing." Against this backdrop, lately Ukraine is discussing the issue of inevitably raising taxes and possibly reducing certain benefits to its citizens.

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