FinancePolitics

Without international financial support, Ukraine will face a $29B budget deficit next year, and the EU will also suffer.

Tuesday, November 7, 2023
Without international financial support, Ukraine will face a $29B budget deficit next year, and the EU will also suffer.

The Ukrainian Minister of Finance, Serhiy Marchenko, emphasized the importance of maintaining macroeconomic stability because Ukraine may also face an economic crisis and additional military conflict. He noted that in this case, the consequences will affect not only Ukraine but also the countries of the European Union.

According to the report, the European Commission has promised to allocate €50B to Ukraine, but Hungary and Slovakia oppose further financing for Kyiv, citing corruption problems. The EU plans to allocate €50B in funding for Ukraine in 2024-2027. They want to approve this decision as part of the bloc’s budget review.

Marchenko noted that Ukraine is ready to enact further reforms and step up its fight against corruption, but help is needed immediately.

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