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 year, said head of the Ministry of Finance Serhiy Marchenko. According to him, in the long term this is the only appropriate strategy to maintain the state’s economic stability.

Marchenko noted that securing external financing for 2025 was easier thanks to the G7’s ERA initiative, which will also allow for the formation of a reserve for 2026. However, the future of the 2026 budget remains uncertain. The end of the IMF program, which concludes in the first quarter of 2027, also raises particular concern.

In 2025, the budget was formed with revenues of ₴2.33T and expenditures of over ₴3.93T. The possibility of increasing spending by another ₴400-500B is currently being considered. The estimated need in 2026 for external financing remains at $39B, of which about half is currently guaranteed. Ukraine continues negotiations to secure the remainder.