Ukraine Reduces External Financing Needs for 2024

Ukrainian Finance Minister Serhiy Marchenko reported that the country has reduced the amount of foreign financial assistance it expects to need in 2024 to $37.3 billion, down from $41 billion. He noted measures to maximize state budget revenues and efforts to benefit from the local borrowing market. Ukraine, which anticipates a budget deficit of $43 billion next year, heavily relies on financial aid from its Western allies during wartime, despite uncertainties over whether they will provide any financial assistance next year. The finance ministry quoted the minister as saying, "The need for external financing for 2024 has been reduced from $41 billion thanks to measures to maximize state budget revenues, activate the local borrowing market, and other measures." He stated during a meeting yesterday with representatives from the G7, the International Monetary Fund, the European Union, and the World Bank that "all capital expenditures of the state budget have also been reduced."