Ukraine has already received nearly $18B in loans and grants from its international partners.

In the first five months of 2025, Ukraine received close to $18B in foreign aid through concessional loans and grants, according to an NBU report. By the end of the year, this amount could rise to $55B, primarily due to the expedited receipt of aid tranches under the ERA mechanism and the planned support from the EU through the Ukraine Facility program. This requires the timely and complete fulfillment of obligations to partners, especially under the IMF program and the Ukraine Facility. In June, Ukraine is expected to receive a tranche based on the results of the eighth review of the IMF program.

A faster influx of funds from partners allows for an increase in international reserves. At the beginning of June, these reserves totaled $44.5B, while the NBU projects that by the end of the year, they will reach around $58B. Both figures significantly surpass their required levels according to the IMF’s composite criterion. However, the level of reserves accumulated this year is anticipated to decline in the future, as they will be used to help cover foreign exchange market needs in the subsequent years when the volume of assistance may fall.