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IMF names amount of international aid needed for Ukraine in 2024

IMF names amount of international aid needed for Ukraine in 2024 IMF estimates Ukraine's external financing needs at $32 billion (Getty Images)
Author: Liliana Oleniak

Ukraine's budget deficit financing needs will remain substantial in 2024, according to IMF Communications Director Julie Kozack.

"We estimate that the country will need financing of about $42 billion, including official donor support of about $32 billion," she says.

She emphasizes the importance of Ukraine's donors and partners fulfilling their financial commitments and receiving the financing needed to maintain macroeconomic stability in the country.

Kozack reminds that in December, the IMF completed the second review of Ukraine's EFF, which allowed for the disbursement of about $900 million and brought Ukraine's total disbursements under the program to $4.5 billion.

"The authorities have made very strong progress toward their EFF commitments under challenging conditions. Under the program, all of the different targets were met and there has been very good progress on the structural front as well," she adds.

Assistance to Ukraine

According to the Ukrainian Ministry of Finance, in 2023, Ukraine received $42.5 billion in international assistance in the form of grants and loans.

At the same time, the need for external financing for 2024 has been reduced from $41 billion to $37.3 billion due to measures to maximize state budget revenues, activate the domestic debt market, and other measures.

Ukraine has received political commitments from its partners to provide $122 billion by 2027. The IMF is expected to provide Ukraine with about $5 billion in 2024.

In December, the U.S. Congress didn't approve a $60 billion aid package for Ukraine. There was also no unanimous vote to approve a €50 billion aid package from the European Union for 2024-2027.