HomeEconomyUkraine needs $3.5 billion...

Ukraine needs $3.5 billion in funding every month

Ukrainian authorities expect international partners to help cover a $38 billion budget deficit next year.

Ukraine needs $3.5 billion in financial aid per month to cover the budget deficit by 2023. Finance Minister Sergei Marchenko stated this in a speech at the G7 meeting, the ministry’s press service reports.

function news4522653() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4522653&lang=2&IsAjax=true’, function (data) { $(‘#nk4522653’).html(data); });
}

news4522653();

“This is the budget of a fighting nation, so the priorities are funding the army, supporting the population and maintaining macro-financial stability,” he said.

The Minister detailed that the Cabinet of Ministers plans to increase funding for the security and defense sector to the level of 17.8% of GDP. The forecast for real GDP growth is 4.6%, inflation is around 30%, and the average exchange rate is about UAH 42 per dollar. The budget deficit is planned at the level of 20% of GDP.

“In the draft budget, we consider the possible continuation of the conflict in 2023. A prolonged war will increase the damage to the infrastructure, the number of displaced people, worsen the economic hardship and poverty may increase. If the our needs will not be fully funded, it will lead to a serious economic downturn,” he said. Marchenko.

He recalled that authorities have reduced non-priority spending and refocused it on critical needs and support for defense efforts and the people most affected by the war.

“Therefore, due to next year’s budget deficit in the amount of $38 billion, Ukraine relies on systematic financial support from the EU and G7 countries,” the minister added.

Marchenko said that in 2023, we should continue to attract external concessional funding and grants to cover priority social spending of the budget, as well as fundraising for rapid recovery.

“The priority is the restoration of basic infrastructure services. It is necessary to create conditions for those forced to leave the country and IDPs to return home. It is important to restore all public social services for our citizens, including education, care health, housing and social protection,” – said the head of the Ministry of Finance.

He also recalled that due to the Russian invasion, Ukraine needs additional funds in the amount of $5 billion per month. Overall, to date, Ukraine has received financial support from foreign partners in the amount of $20.7 billion, of which almost 50% are grant funds that do not require repayment. Until the end of the year, Ukraine expects 5 billion euros from the EU and 4.5 billion dollars from the United States.

It should be noted that on the eve of President Volodymyr Zelensky proposed to the international community to create a format of economic support for Ukraine following the example of the so-called Ramstein format.

News from Correspondent.net on Telegram. Subscribe to our channel Athletistic

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

Russia will help you go to the depression of swamp bombing – Reuters

The country of the aggressor will not be able to quickly replace the strategic aircraft that were lost as a result of a wide security service for websites. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle...

Possible GTA 6 leakage reveals news in the gameplay

Some items and details about news from the new Grand Theft Auto VI game were possibly leaked on social networks; look!It will be? A new Reddit publication has created more speculation about what players can expect from 'Grand Theft Auto VI'. The game, officially postponed in early...

In Latka, the skeleton of the bend and posts (photographs) was struck

As a result of the Russian attack, the number of death in Latsk increased. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Rescuers owed the body of a 27-year-old dead...

The Russian Federation was elected in Magatta in the void, the busy Zaes will begin

The country aggressor announced the desire to restart the occupied Zaporizhjhya NPP. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } The invaders have already contacted the IAEA so that the...

James Gunn confirms post-credit scene in ‘Superman’

With the next launch, the new creative director of the DC universe, James Gunn, confirms that 'Superman' will have scenes you creditsThe premiere of the new Steel Man movie is getting closer and closer and with it news is being released by the producers. 'Superman' will be...