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.
Nate Ostiller
