Zelenskyy names Ukraine's two biggest challenges
Ukraine currently faces two major challenges: ballistic weapons and funding for its defense, according to Ukrainian President Volodymyr Zelenskyy..
"We need 30 billion euros in European funding, which we are expecting. It is tied to the adoption of the relevant legislation. And it is very important that Parliament works - the entire Parliament, including the opposition. Because neither the government nor the opposition has these 30 billion euros, but they are needed for the defense of the entire country," Zelenskyy said.
In addition, Ukraine's Defense Ministry currently faces a budget shortfall of $27 billion.
According to the president, at the beginning of the year, the Defense Ministry made decisions to effectively use funds allocated for the second half of the year during the first half. The money went toward drone production and other needs.
Now, in the second half of the year, the funds need to be replenished and additional funding provided.
"This is the main challenge. We need $8-10 billion of this amount to ensure a normal start to next year, because these funds are essentially needed in advance to provide weapons and everything necessary for January 2027. Plus nearly $20 billion for salaries for our military personnel, payments to the families of those killed and other areas of funding. A lot of money is needed," Zelenskyy said.
The president said he was working on the issue with the leaders of France and Germany.
"Essentially, we need to bring forward the second tranche of European funds that were allocated for Ukraine, and this is an extremely difficult task," the president added.
EU financial aid for Ukraine
As previously reported, Ukraine recently received another €3.47 billion tranche from the European Union. The funds will go toward defense and the country's most urgent needs.
On July 21, the IMF's Executive Board approved the first review of Ukraine's Extended Fund Facility program.
The move provided Ukraine's state budget with $690 million, bringing the total amount received under the EFF program to $2.2 billion.
On July 24, it was reported that the International Monetary Fund had eased some of the conditions of its cooperation with Ukraine while tightening requirements for reforms.
