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Shmyhal: Ukraine facing $42 billion budget deficit in 2024

by Nate Ostiller October 12, 2023 11:35 AM 1 min read
U.S. Treasury Secretary Janet Yellen meets with Ukrainian Prime Minister Denys Shmyhal at the U.S. Treasury Department in Washington, DC, on April 13, 2023. (Stefani Reynolds / AFP via Getty Images)
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Ukraine will need about $42 billion in economic assistance in 2024 to make up for the looming budget deficit, Prime Minister Denys Shmyhal said in his address to the World Bank and International Monetary Fund (IMF) forum in Marrakesh, Morocco, on Oct. 11. Shmyhal joined the event online.

The deficit will make up as much as 21% of Ukraine's GDP in the coming year, according to Shmyhal.

Support from international partners would be required to help "Ukraine's government fulfill its basic social obligations," Shmyhal said, including paying pensions and salaries and assisting those whose property has been destroyed by Russian attacks.

Tax revenue has largely been directed to the defense and the war effort.

U.S. Treasury Secretary Janet Yellen, who also spoke at the meeting, said "Ukraine’s economic team has also delivered sound policies and solid results in an unbelievably challenging situation."

"As an international community, we must continue to provide Ukraine the significant, predictable, and timely financial support it needs to keep the government running," she added.

IMF improves forecast for Ukraine’s economic growth to 2% in 2023
The International Monetary Fund (IMF) increased its forecast for Ukraine’s gross domestic product (GDP) growth this year to 2% as the country successfully grapples with problems caused by Russia’s full-scale invasion.
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