Finance

Thursday, June 5

The Ukrainian Parliament has announced its strategy for tackling the budget deficit.

The Ukrainian Parliament has announced its strategy for tackling the budget deficit. Danylo Hetmantsev, head of Committee on Finance, confirmed that there are no plans to raise taxes in 2026, and that the shortfall in the state budget will be managed through alternative sources. He no...

S&P downgrades Ukraine’s GDP-linked bonds to default after failing to make a $665M payment.

S&P downgrades Ukraine’s GDP-linked bonds to default after failing to make a $665M payment. The international rating agency S&P Global announced Ukraine’s default on its GDP-linked bonds. On June 2, the Ukrainian government failed to make the required payment of $665M, which led to...

The NBU’s currency restrictions significantly impede investment in Ukraine.

The NBU’s currency restrictions significantly impede investment in Ukraine. While the ongoing full-scale war is the primary cause for the drop in foreign investment Ukraine has experienced, there are additional barriers at play, according to Oleksandr Vodoviz, a senior execut...

Wednesday, June 4

Ukraine and the World Bank are negotiating a loan agreement for at least $1B.

Ukraine and the World Bank are negotiating a loan agreement for at least $1B. According to the Ministry of Finance, this week a World Bank team, along with representatives from the Ministry of Finance and the Ukrainian government, will collaborate to finalize the key parameters...

Ukraine will have to pay interest on money owed to its creditors due to its default on GDP warrants.

Ukraine will have to pay interest on money owed to its creditors due to its default on GDP warrants. A group of holders of GDP warrants in Ukraine issued a statement regarding the state’s default on these securities. The creditors noted that now Ukraine will be compelled to pay interest on the unpaid...

Tuesday, June 3

For the first time in two years, the average number of microloans in Ukraine has decreased, but their amounts are 100% higher than at the beginning of the full-scale war.

For the first time in two years, the average number of microloans in Ukraine has decreased, but their amounts are 100% higher than at the beginning of the full-scale war. Since the start of 2025, Ukrainians have entered into more than 2.17 million agreements with microfinance organizations (MFIs) for a total of almost ₴13B. Microloans increased by 8%, but the average l...

The Ministry of Finance is preparing for the continuation of the war through 2026.

The Ministry of Finance is preparing for the continuation of the war through 2026. The Ministry of Finance of Ukraine is approaching the preparation of the state budget for 2026 from the most cautious position: The simplest option is to plan for the war to persist for the entire yea...

Monday, June 2

Ukraine will miss a $665M GDP warrant payment due on June 2nd.

Ukraine will miss a $665M GDP warrant payment due on June 2nd. Kyiv has not reached an agreement with its creditors and will fail to make a $665.5M state debt payment related to GDP warrants, which are debt obligations tied to economic growth rates. Ukraine was s...

Friday, May 30

Bankers and financiers assessed the sector’s stability as the best since 2021. The assets held by the non-banking financial sector increased by 4.6%.

Bankers and financiers assessed the sector’s stability as the best since 2021. The assets held by the non-banking financial sector increased by 4.6%. The heads of the largest banks and non-banking financial institutions reported positive evaluations of the current state and stability of the financial sector, noting its best condition since 2021. Me...

Thursday, May 29

How does digitalization increase the efficiency and competitiveness of businesses in Ukraine?

How does digitalization increase the efficiency and competitiveness of businesses in Ukraine? Piraeus Bank notes that introducing digital technologies into business processes enables automation, reduces costs, and enhances customer service. In wartime conditions, constant changes in the regula...

Wednesday, May 28

Ukraine will receive an additional $300M under the RISE program to support business initiatives.

Ukraine will receive an additional $300M under the RISE program to support business initiatives. The Ministry of Economy and the World Bank discussed the implementation of the RISE program. Under this initiative, Ukraine signed agreements with the World Bank last year totaling $593M and has alrea...

The UK will allocate $3B of the profits from frozen Russian assets to support Ukraine.

The UK will allocate $3B of the profits from frozen Russian assets to support Ukraine. Ukraine and the United Kingdom have signed a project agreement regarding the use of excess profits from frozen Russian assets as part of the ERA initiative for the armament and repair of military equi...

Tuesday, May 27

Ukraine faces the risk of losing a portion of its EU funding.

Ukraine faces the risk of losing a portion of its EU funding. Analysts report that in the first quarter, Ukraine failed to meet four indicators required under the Ukraine Facility program on time. This situation may not only postpone the disbursement of the prog...

Ukrainian Eurobonds have been among the worst performers in emerging market securities, as investors’ hopes for a ceasefire have not materialized.

Ukrainian Eurobonds have been among the worst performers in emerging market securities, as investors’ hopes for a ceasefire have not materialized. Those investing in Ukrainian dollar-denominated Eurobonds have lost more than 10% since the start of 2025, marking the worst performance among emerging markets, as the prospects for US President Trump...

Wednesday, May 21

The IMF initiates a new EFF program review with Ukraine with $487M at stake.

The IMF initiates a new EFF program review with Ukraine with $487M at stake. On May 20, the IMF began its mission for the eighth review of the Extended Fund Facility (EFF) for Ukraine. The previous day, a foundational meeting was held with representatives from the National Ban...

Business lending in Ukraine is on the rise, propelled by farmers and builders.

Business lending in Ukraine is on the rise, propelled by farmers and builders. The Banking Sector Review for Q1 2025 shows that banks are increasing the pace of business lending while also extending loans to the consumers. As a result, the growth of the net commercial hryvnia lo...

Ukrainian bank clients will save €70-100M by joining the single euro payments market.

Ukrainian bank clients will save €70-100M by joining the single euro payments market. Ukraine’s entry into the SEPA (Single Euro Payments Area) system, assuming the current volumes of international payments are maintained, will enable Ukrainian bank clients to save between €70 an...

Tuesday, May 20

In Ukraine, the share of NPLs is projected to fall to pre-war levels this year.

In Ukraine, the share of NPLs is projected to fall to pre-war levels this year. In the first three months of 2025, the share of NPLs in the banking sector decreased to 28.6%, which is 1.7 percentage points lower than at the beginning of the year and 8.8 percentage points lower th...

More than a third of Ukrainian bank deposits are held in foreign currency, despite their lower profitability.

More than a third of Ukrainian bank deposits are held in foreign currency, despite their lower profitability. According to the NBU, as of April 1 ₴1.392T was held in banks and protected by the Deposit Guarantee Fund (DGF). Since the start of the year, this amount has hardly changed (+₴0.6B). Meanwhile, in 60 ...

Finland will provide Ukraine with ammunition sourced from frozen Russian assets, following a €90M agreement.

Finland will provide Ukraine with ammunition sourced from frozen Russian assets, following a €90M agreement. Finland has been selected as one of the implementing nations in an initiative in which the EU will aid Ukraine with defense resources derived from these frozen assets. Helsinki plans to acquire heavy ...

Monday, May 19

Ukraine isn’t concerned about potentially missing a payment on GDP warrants, even with the risk of default.

Ukraine isn’t concerned about potentially missing a payment on GDP warrants, even with the risk of default. During a recent meeting with investors in London, Government Commissioner for Public Debt Management Yuriy Butsa emphasized that Ukraine will not hasten to restructure the 2015 government derivatives ...

Friday, May 16

The EBRD will facilitate €60M in loans to Ukrainian businesses to enhance energy production, storage, and efficiency.

The EBRD will facilitate €60M in loans to Ukrainian businesses to enhance energy production, storage, and efficiency. Through a risk-sharing arrangement, EBRD will back the issuance of new loans by ProCredit Bank to small and medium-sized enterprises in Ukraine. With EBRD’s assistance, the bank anticipates providing ...

Thursday, May 15

The IFC is set to invest $3B in Ukraine within the next 18 months.

The IFC is set to invest $3B in Ukraine within the next 18 months. According to regional manager Alfonso Garcia Mora, since the full-scale Russian invasion the IFC, part of the World Bank Group, has ramped up its investment in Ukraine by nearly 300%. To date, $2.2B h...

Wednesday, May 14

The Minerals Deal: A Critical Step in Ukraine’s Path Towards Independence

The Minerals Deal: A Critical Step in Ukraine’s Path Towards Independence In his infamous 2021 essay, “On the Historical Unity of Russians and Ukrainians”, published just 7 months before the full-scale invasion, President Putin insisted that the “true sovereignty of Ukraine...

Monday, May 12

The NBU has eased currency restrictions to encourage foreign investment.

The NBU has eased currency restrictions to encourage foreign investment. The National Bank has launched a “stimulating currency liberalization” aimed at attracting foreign capital to Ukraine. Its essence is to create a mechanism that will encourage foreign inve...

Tuesday, May 6

The IMF recommends increasing several tax rates to satisfy Ukraine’s 2026 state budget.

The IMF recommends increasing several tax rates to satisfy Ukraine’s 2026 state budget. At the 2025 Spring Meetings in Washington, the IMF provided Ukrainian government officials with various recommendations on addressing the state budget for 2026. It is noted that representatives from U...

Monday, May 5

The EU will confiscate Russia’s frozen assets, but not for Ukraine.

The EU will confiscate Russia’s frozen assets, but not for Ukraine. Euroclear, the international clearing company, plans to withdraw and distribute approximately €3B in frozen Russian funds to compensate Western investors affected by the decisions of the Russian gover...

Friday, May 2

Ukrainian companies’ debt reduction exceeded foreign direct investment by 200%.

Ukrainian companies’ debt reduction exceeded foreign direct investment by 200%. Ukrainian businesses reduced their net debt over 2022-2024 by increasing their liquid funds and deposits and reducing debt to Ukrainian banks by $21B, which is 200% more than foreign investment over t...

Wednesday, April 30

Ukraine’s national energy company has reached an agreement to restructure its $825M green bond debt.

Ukraine’s national energy company has reached an agreement to restructure its $825M green bond debt. NEC Ukrenergo has finalized an agreement to restructure the terms of its debt stemming from state-backed green sustainability-linked development bonds with a rate of 6.875% per annum, maturing in 2028...

Ukraine’s national debt has reached another historic high of nearly $172B.

Ukraine’s national debt has reached another historic high of nearly $172B. According to the Ministry of Finance, Ukraine’s total public (direct and guaranteed) debt increased by 1.56%, or $2.64B, in March, totaling $171.73B compared to the previous month. Direct extern...

What are the possible consequences of reducing Ukraine’s financial assistance?

What are the possible consequences of reducing Ukraine’s financial assistance? If Ukraine’s budget gap increases in the next two years and the situation with external financing does not improve, a large-scale reduction in the NBU’s reserves and a sharp devaluation of...

IFC and Ukrsibbank will boost medium-sized and larger corporations in Ukraine.

IFC and Ukrsibbank will boost medium-sized and larger corporations in Ukraine. The IFC and Ukrsibbank, whose shareholders include BNP Paribas Group and the EBRD, have announced the launch of a new €66M Risk Sharing Facility (RSF) to support medium- and large-sized enterprises in...

Monday, April 28

Warsaw has initiated a preferential lending program to support Polish companies in Ukraine’s reconstruction.

Warsaw has initiated a preferential lending program to support Polish companies in Ukraine’s reconstruction. Poland has introduced a state preferential lending program aimed at assisting Polish businesses in the reconstruction of Ukraine, allocating approximately €58.25M. The maximum loan amount for a single...

Friday, April 25

Ukraine fails to reach an agreement on a $2.6B debt restructuring.

Ukraine fails to reach an agreement on a $2.6B debt restructuring. On April 24, Ukraine announced that it was not able to negotiate an agreement with debt holders regarding the $2.6B connected with GDP warrants. Nevertheless, the Finance Ministry intends to continue ...

Throughout the month, Ukrainians increased their bank accounts by ₴1.7B.

Throughout the month, Ukrainians increased their bank accounts by ₴1.7B. As of April 1 2025, the total amount of consumer deposits, including those from individual entrepreneurs (FOPs), in Ukrainian banks surpassed ₴1.392T, which is ₴1.7B ($40M) more than at the beginning ...

Ukraine’s external financing needs for 2025 are fully met.

Ukraine’s external financing needs for 2025 are fully met. According to Finance Minister Serhiy Marchenko, this year’s macro financial support from Ukraine’s key partners will amount to $16.8B, completely covering its external financing needs for ...

Renewable energy and innovation in the agricultural sector: Who can attract grants for business development?

Renewable energy and innovation in the agricultural sector: Who can attract grants for business development? Both state institutions and private companies are eligible to secure funding for the implementation of projects related to renewable energy sources. Priority is being given to solar and wind energy pr...

Thursday, April 24

Ukraine has initiated negotiations to restructure payments on its GDP warrants.

Ukraine has initiated negotiations to restructure payments on its GDP warrants. A group of warrant holders has signed non-disclosure agreements and commenced limited negotiations with the Ukrainian side last week. In-person meetings are anticipated this week in Washington as part...

Friday, April 18

The National Bank of Ukraine keeps the discount rate unchanged at 15.5%.

The National Bank of Ukraine keeps the discount rate unchanged at 15.5%. The Board of the NBU has decided to hold the discount rate steady at 15.5% to sustain the foreign exchange market’s stability, control inflation expectations, and gradually reduce inflation to t...

In March, Ukraine’s tax revenues surpassed their target by $1B.

In March, Ukraine’s tax revenues surpassed their target by $1B. According to Finance Minister Serhiy Marchenko, this figure was made possible by a better-than-expected electricity supply during the winter, which enabled businesses to operate more consistently and ...

Austria will support using Russian assets to assist Ukraine if a joint decision is reached.

Austria will support using Russian assets to assist Ukraine if a joint decision is reached. Austria’s new Finance Minister, Markus Marterbauer, backs the idea of utilizing the Russian Central Bank’s frozen assets to aid Ukraine. “If there is a joint decision, Austria will p...

Thursday, April 17

Ukrainians are seeking reliable liquid savings instruments, which is driving the popularity of bank deposits.

Ukrainians are seeking reliable liquid savings instruments, which is driving the popularity of bank deposits. Head of Retail Products and Digital Banking at Piraeus Bank, Oleksandr Ovcharuk, explained to UBN that the war has altered Ukrainian’s financial habits, leading to greater demand for dependable ...

Wednesday, April 16

Investors have lost hope for a quick resolution to the war in Ukraine.

Investors have lost hope for a quick resolution to the war in Ukraine. Last week, Ukrainian eurobond prices dropped below the levels they were at before last year’s US presidential election, erasing all of the gains made from the anticipation of a swift end to the ...

Another bank in Ukraine has received an EBRD guarantee to support €100M in energy investment.

Another bank in Ukraine has received an EBRD guarantee to support €100M in energy investment. The European Bank for Reconstruction and Development (EBRD) continues its backing of Ukraine’s energy security by providing Raiffeisen Bank Ukraine with an unfunded portfolio risk-sharing guarantee, f...

Monday, April 14

Ukrainians are investing in bank deposits and dollar-denominated government bonds.

Ukrainians are investing in bank deposits and dollar-denominated government bonds. According to the first quarter’s results, the volume of hryvnia funds in individuals’ accounts increased by 0.6%. The NBU reports that this positive trend has continued for the seventh con...

European banks are providing Ukraine with funding to support housing for internally displaced persons and restore critical infrastructure.

European banks are providing Ukraine with funding to support housing for internally displaced persons and restore critical infrastructure. Consequently, Ukraine will receive €50M from the Council of Europe Development Bank (CEB) to finance a preferential mortgage program for families of internally displaced persons (IDPs). “These f...

Friday, April 11

This year, Ukraine anticipates receiving €18B from Russia’s frozen assets.

This year, Ukraine anticipates receiving €18B from Russia’s frozen assets. Since the start of the year, Ukraine has already received €5B from the EU that was sourced from these assets’ proceeds, and expects to collect another €13B from these profits by the year’s...

Thursday, April 10

Ukraine has received €1B in aid from Russia’s frozen assets, and the EU is sending another €2B.

Ukraine has received €1B in aid from Russia’s frozen assets, and the EU is sending another €2B. As part of the G7 initiative (ERA), the EU has transferred €1B to Ukraine, with the return of funds made possible through income from frozen Russian assets. This marks the third tranche from the EU un...

Tuesday, April 8

The state is working on the repayment of over ₴22B in debt to green energy producers; investors are returning to the market.

The state is working on the repayment of over ₴22B in debt to green energy producers; investors are returning to the market. The state enterprise Guaranteed Buyer is developing a roadmap to settle accumulated debt to green tariff electricity producers and is counting on making 100% of its required payments in 2025, said Dep...

Friday, April 4

Ukraine’s insurance market continues to recover, showing steady growth.

Ukraine’s insurance market continues to recover, showing steady growth. Last year, the Ukrainian insurance market demonstrated an increase in all key indicators: assets, insurance premiums, and payments. Total gross insurance premiums rose by 15%, reaching ₴53.1B, primari...

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