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PM Shmyhal: Ukraine to reduce need for external financing in 2024

by Dinara Khalilova and The Kyiv Independent news desk January 3, 2024 6:04 PM 1 min read
Prime Minister Denys Shmyhal delivers a speech to the Verkhovna Rada on Oct. 6, 2023. (Andrii Nesterenko/Global Images Ukraine via Getty Images)
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Ukraine will need over $37 billion in external financing in 2024, which is around $5 billion less than the country received from foreign partners last year, Prime Minister Denys Shmyhal said on Jan. 3.

Ukraine's own budget revenues in 2023 amounted to more than Hr 1.1 trillion ($28 billion) in taxes, fees, and other payments, and Kyiv is steadily increasing this number, Shmyhal said at a government meeting.

At the same time, Shmyhal emphasized that Ukraine is counting on "stable and timely assistance from international partners."

During the meeting, the prime minister revealed that the government intends to spend over $19.69 billion on military personnel payments and over $6.96 billion for the purchase, production, and repairs of weaponry.

One of Ukraine's key goals for 2024 is to increase the defense industry production capacity six times, he added.

Ukraine received $42.6 billion in external financing last year, 27% of which were grant funds, according to Shmyhal.

The main donors were the European Union, the U.S., the International Monetary Fund, Japan, Canada, the U.K., and the World Bank.

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This November has been a particularly grim one here in Ukraine. Over the past month, two media sensations in big Western magazines served as a sober wake-up call about the state of the war. First, Simon Shuster’s profile in TIME magazine on Ukrainian President Volodymyr Zelensky’s “lonely fight”
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