14:19 03.01.2024

Ukraine's financing needs in 2024 exceed $37 bln – PM

2 min read
Ukraine's financing needs in 2024 exceed $37 bln – PM

Ukraine is counting on stable and timely assistance from international partners in 2024, Prime Minister of Ukraine Denys Shmyhal has said.

"A total of $42.6 billion of external financing was attracted in 2023. Of this, 27% are grant funds. The leaders of support are unchanged: the European Union, the United States, the IMF, Japan, Canada, the UK, the World Bank. The needs this year are more than $37 billion. We count on rhythmic, stable and timely assistance from our partners," Shmyhal said, citing statistics at a government meeting on Wednesday.

He said that at the same time, Ukraine is steadily increasing its own budget revenues, primarily customs and tax receipts.

"More than UAH 1.1 trillion of taxes, fees and other payments went to the general fund of the state budget last year. We are directing all these funds to security and defense. We plan to spend more than UAH 750 billion this year on payments to military personnel. More than UAH 265 billion – for the purchase, production and repair of weapons," the Prime Minister said.

The key task remains to increase its own military production. The production capacity of the Ukrainian defense industry tripled in 2023. A new goal has been set for the current year – six-fold growth.

"This means more drones, more rounds, more ammunition and armored vehicles for our military. We are entering 2024 with new forces. Confident in our own capabilities and the solidarity of our allies, we are ready for new challenges and firmly believe in our victory," Shmyhal said.

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