STOCKHOLM — Ukraine’s budgetary needs for next year will remain as high as for this year, Ukrainian Finance Minister Serhiy Marchenko said on Saturday before joining a meeting of EU finance ministers where support for Ukraine will be discussed.
The European Union is giving Kyiv 18 billion euros in loans this year to help fill a fiscal hole estimated at around $3-4 billion a month. Grants from the United States and loans from the International Monetary Fund, as well as minor bilateral contributions, make up the rest.
“Regarding possible funding needs for 2024, it will also be huge,” Marchenko said, adding, “I think it will not be an easy task for us to reduce our expenses drastically. Of course, it depends on the campaign. military, but I think it could not be less than the 18 billion euros that we [had] for this year.”
Asked if the EU was ready to renew this level of support for next year, EU Economics Commissioner Paolo Gentiloni said that “the discussion about next year from the point of view of numbers and numbers exact depends on the discussion we start on the budget of the [European] Union, but without a doubt we will continue our support with the same commitment that we have had in recent years.”
The EU will review its budget in June, an exercise intended to find additional funds for a number of priorities, such as so-called macro-financial assistance to third countries, including Ukraine.