Ukraine’s additional financing need in 2023 reaches $3.5 billion per month, says finance minister

In wartime conditions, Ukraine must continue to finance the state budget deficit on a large scale, in 2023 it is estimated at 3.5 billion dollars per month, Finance Minister Serhiy Marchenko said during a meeting. a meeting with the management of the International Monetary Fund (IMF). in Washington on October 11.

“Today we are witnessing a gradual recovery of the Ukrainian economy, however, in the midst of active hostilities, it is extremely important for us to launch a program of cooperation with the IMF to ensure the stability of the financial system. Need for additional funding from Ukraine in 2023 reaches $3.5 billion,” he said.

Marchenko stressed that continued cooperation with the IMF is one of the most important priorities for Ukraine.

During a meeting with IMF Managing Director Kristalina Georgieva, the Minister discussed the possibility of a new loan program to ensure priority spending of the Ukrainian state budget in 2023, and during a meeting together with the Director of the European Department of the IMF, Alfred Kammer, Marchenko expressed the hope that the parties will determine the conditions for the launch of a new cooperation program in the near future.

This Wednesday, within the framework of the meeting of the IMF and the World Bank, the second meeting of the round table of ministers of support for Ukraine is scheduled with the participation of the heads of international financial organizations Georgieva and David Malpass. The parties will discuss the country’s funding needs, priorities for supporting essential services during the war, and priority recovery and reconstruction projects that can be launched quickly.

The first meeting of such a roundtable was held during the spring meeting of the IMF and the World Bank on April 21. She announced Ukraine’s monthly needs of $5 billion to finance the state budget deficit in the context of the war unleashed by Russia.

Ukraine’s draft state budget for 2023, which passed the first reading, provides for external financing of the deficit in the amount of $38 billion, or about $3.2 billion per month.