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Finance Ministry raises $532 million via military bond issuance

by Lance Luo December 27, 2023 12:31 AM 1 min read
Ukraine's Finance Ministry embraces slick new marketing campaign to raise funds for war expendiatures. (Ministry of Finance)
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The Finance Ministry on Dec. 26 successfully issued new debt instruments worth about 21 billion hryvnia, or $532 million, it said.

Uncertainty around funding from Western donors has proven to be a critical long-term challenge for Ukraine as it endures Russian strikes on its energy and industrial infrastructure.

In November, President Volodymyr Zelensky headed to the White House to meet with President Biden and top leaders in Congress. He left largely empty handed – without a much anticipated $61 billion aid package Kyiv needs to meet its expenditures.

Ukraine in December agreed with creditors from the G7 and the Paris Club to extend sovereign debt restructuring to 2027.

President Zelensky in Kyiv on Dec. 19 told reporters he plans to reduce government expenditures because significant funding will be needed for fresh mobilization efforts.

Ukraine risks a serious economic downturn in 2024 unless its Western supporters can muster enough funds to fill a massive hole in its budget, Finance Minister Serhiy Marchenko told Politico in November.

Zelensky says he plans cuts to government spending
President Zelensky in Kyiv on Dec. 19 told reporters he plans to reduce government expenditures because UAH 500 million will be needed for fresh mobilization efforts.

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