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Finance minister: Ukraine needs $3 billion per month in financial aid in 2024

by Martin Fornusek February 28, 2024 9:55 PM 2 min read
Ukraine's Finance Minister Serhii Marchenko.
Ukraine's Finance Minister Serhii Marchenko at the Ukraine Recovery Conference in London, UK, on Wednesday, June 21, 2023. (Chris J. Ratcliffe/Bloomberg via Getty Images)
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Ukraine needs $3 billion in external financing on a monthly basis this year, Finance Minister Serhii Marchenko said on Feb. 28 in a video address to a Group of Seven (G7) meeting.

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion mounts. The besieged country received $42.5 billion in external financing last year, allowing it to function amid the ongoing war.

With U.S. assistance delayed by domestic political disputes, the uncertainty about Ukraine's economic stability grows.

"In 2023, Ukraine's financial system was stable, and the economy recovered faster than expected. The balanced policy of the Government of Ukraine, together with the consistent support of international partners, played a decisive role in our achievements," Marchenko said, according to the Finance Ministry's website.

"It is important to maintain this trend. In 2024, the monthly need for external financing will reach about $3 billion."

Marchenko emphasized the G7's role in supporting Ukraine, reminding that G7 and EU countries have contributed $67 billion in financial aid since February 2022.

Although assistance from the U.S. remains stalled, the EU gave final approval to its four-year 50 billion euro ($54 billion) funding under the Ukraine Facility.

The first payment of 4.5 billion euros ($4.9 billion) in EU funds is expected to be disbursed in March.

Treasury secretary: US will be responsible for Ukraine’s defeat if aid bill is not passed
President Joe Biden said that Congress failing to vote on the funding package would be “just wrong,” adding that “the failure to support Ukraine is just absolutely crazy,” and “against U.S. interests.”
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8:28 PM

FT: Russia may be gearing up for large-scale offensive against Ukraine.

Russian forces may be preparing for a large-scale offensive in late spring or summer, aiming to capture more land in Ukraine's partially-occupied Donetsk, Kherson, Luhansk and Zaporizhzhia oblasts, the Financial Times reported on April 13, citing unnamed Ukrainian and Western officials.
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