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Ukraine receives over $42 billion from international partners in 2023

by Martin Fornusek February 20, 2024 9:06 AM 2 min read
The headquarters of Ukraine's Finance Ministry in Kyiv on March 17, 2012. (Vincent Mundy/Bloomberg via Getty Images)
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Ukraine received $42.5 billion in external financing last year, of which $11.6 billion were non-refundable grants, the Finance Ministry announced on Feb. 19.

Foreign aid is crucial for Ukraine as the economic pressure caused by the full-scale Russian invasion grows. Finance Minister Serhii Marchenko said previously that the country would need at least the same sum in external financing in 2024 as last year.

The largest grant assistance in 2023 was provided by the U.S. ($11 billion), followed by Japan ($230.5 million), Norway ($190 million), Germany ($105 million), Spain ($50 million), Finland ($36 million), Switzerland ($30 million), Ireland ($21 million), Belgium ($3 million), and Iceland ($2 million).

As part of the overall financing last year, Ukraine also received $30.9 billion in long-term loans, including $19.5 billion from the EU, $4.5 billion from the International Monetary Fund (IMF), $3.4 billion from Japan, $1.8 billion from Canada, $1 billion from the U.K., $660 million from the World Bank, and $50 million from Spain.

As of Dec. 31, 2023, Ukraine's state and state-guaranteed debt amounted to Hr 5.5 trillion ($145 billion).

Ukraine has long faced uncertainty about whether it could secure external financing for 2024 as well. After long delays, the EU approved on Feb. 1 the four-year support of 50 billion euros ($54 billion).

In turn, $60 billion from the U.S., of which roughly $10 billion is allocated to support Ukraine's non-military spending and private sector, remains stalled by disputes in Congress.

Shmyhal: Japan to allocate $1.3 billion to support Japanese investors in Ukraine
The Japanese Foreign Ministry also announced 15.8 billion yen ($105 million) in aid to Ukraine in the form of grants.
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