Ukrainian PM estimates at least $38 bln in external financing required in 2025

MOSCOW. Aug 20 (Interfax) - Ukraine should require at least $38 billion in external financing next year, which is in line with the planned external financing for the current year, Ukrainian media reported, citing a statement from Prime Minister Denis Shmygal.

"Special attention [paid] to the confiscation of frozen Russian assets," Shmygal said at a meeting of the heads of foreign diplomatic missions of Ukraine, as published on social media.

Shmygal recalled the G7's fundamental decision to provide Ukraine with $50 billion in 2025 from the revenues from Russia's frozen assets. It is essential that the amount be ready for payment by the end of 2024, that no additional political conditions or restrictions on the use of funds be imposed, that Ukraine may finance all critical needs, and that the debt burden does not increase, he said.

"Let's not forget that our main goal is the confiscation of all frozen assets of Russia," Shmygal said.

Shmygal named five main current directions overall.

"The first is accumulating macro-financial assistance from partners. The second direction is receiving assistance for restoration. The third is tightening sanctions against the Russian Federation. The fourth is incentivizing the attraction of foreign investment. The fifth vector is promoting Ukrainian goods on global markets," Shmygal said.

As reported, the National Bank assesses that international partners should provide Ukraine with around $38 billion in preferential loans and grants in 2024, and at least $31 billion next year.

Information on the Finance Ministry's website indicates that Ukraine's budget has received $98.04 billion in external financing since February 2022, including $31.1 billion in 2022, with grants totaling $14.23 billion; $42.48 billion in 2023, grants totaling 11.62 billion; and $24.47 billion in 2024, grants totaling $6.55 billion.