EU calls on partners to urgently send more money to Ukraine
EU Economy Commissioner Valdis Dombrovskis (photo: Getty Images)
European Union is urging international partners to speed up financial assistance to Ukraine as the country's budget deficit grows ahead of winter, according to Bloomberg.
Need for extra funding
During a meeting with the bloc's finance ministers in Dublin, joined by counterparts from the United Kingdom, Switzerland and Canada, EU Economy Commissioner Valdis Dombrovskis recalled the original plan for distributing the aid.
"When we were putting forward Ukraine support loan, the idea was that should cover around two thirds of Ukraine's funding needs, and one third should be covered by other international partners," Dombrovskis emphasized.
He added that Ukraine is facing greater financing needs as Russian aggression intensifies, but the funding gap can be closed relatively quickly.
What budget gap is expected
Earlier, the EU approved a 90 billion euro ($103 billion) loan package to support Kyiv in 2026–2027. However, massive military spending has created a funding gap of about $27 billion.
Ukrainian Finance Minister Serhii Marchenko, who also attended the meeting, said the shortfall in 2027 could reach at least $32 billion.
The International Monetary Fund and the European Commission are currently assessing Ukraine's final financing needs for the coming years.
The EU is stepping up pressure on other countries, including Japan and the United Kingdom. The issue will be among the key topics at the United Nations General Assembly in New York.
EU assistance to Ukraine
As previously reported, Brussels has been actively seeking additional sources of funding to support Ukraine amid its growing budget deficit.
In particular, the European Union is considering allocating 10 billion euros from the SAFE program for joint defense projects with Ukraine.
The proposal involves using remaining unused resources, but the final amount will depend on the completion of the latest loans and the resolution of the situation surrounding Hungary's plan.
In addition, the EU has already decided to allocate 3.3 billion euros to Ukraine to purchase missiles and drones for the Defense Forces.
This will also launch a new program of joint defense initiatives designed to combine Ukraine's combat experience with European industrial capabilities.
