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Shmyhal: Ukraine to receive record budget financing from partners in March

by Kateryna Hodunova and The Kyiv Independent news desk March 29, 2024 8:15 PM 2 min read
Prime Minister Denys Shmyhal in Kyiv on Feb. 26, 2024. (Eugen Kotenko / Ukrinform/Future Publishing via Getty Images)
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This March, Ukraine will receive the largest budget financing from its allies since the beginning of Russia's full-scale invasion and the start of Ukraine's independence, Prime Minister Denys Shmyhal said on March 29.

Ukraine will receive more than $9 billion in financial aid in March, including 4.5 billion euros ($4.9 billion) from the European Union through its four-year Ukraine Facility, $1.5 billion in loans from the World Bank, $880 million from the International Monetary Fund (IMF), $1.5 billion from Canada, and $230 million from Japan, according to Shmyhal.

"These are vital resources that help our government finance all the critical budget expenditures today," Shmyhal wrote on his Telegram channel.

Shmyhal said during a government meeting in November 2023 that Ukraine expects to receive more than $30 billion in financial aid from its international partners to finance Ukraine's budget deficit in 2024.

According to Shmyhal, Ukraine expects to receive financial assistance of $5.4 billion from the IMF, 18 billion euros ($19 billion) from the EU, more than $10 billion from the U.S., as well as additional financial aid from Japan, the U.K., Belgium, Norway, Sweden, Portugal, and other allies.

President Volodymyr Zelensky approved Ukraine's state budget for 2024 last November following its passage in parliament. State budget revenues were set at Hr 1.78 trillion ($45 billion), while expenditures were almost double, at Hr 3.35 trillion ($85 billion).

The remaining expenditures would fall within the deficit, which was set at 1.57 trillion ($40 billion). The budget also included Hr 2 trillion ($51 billion) in external borrowing and internal government bonds.

MP Yaroslav Zhelezniak: Developments in Ukraine’s parliament on economic reforms, international obligations — Issue 48
Editor’s note: This is issue 48 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly “Ukrainian Economy in Brief” newsletter, covering events from March 18- 24, 2024. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. Th…
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