28 Oct 2022 18:01

Ukraine receives $24.1 bln or 65% of int'l aid pledged - MinFin

MOSCOW. Oct 28 (Interfax) - International partners had by October 26 provided Ukraine with $23.123 billion to cover its budget deficit since the military operation began.

The country has received another $1 billion for restoration, the Ukrainian Finance Ministry said.

This amounts to 65% of the $36.959 billion of international support that has been pledged.

The ministry said 43.5% or $10.485 billion of funds received were in the form of grants.

The United States and the European Union have pledged the most support for Ukraine - $12.99 billion and $11.5 billion, respectively. The United States has already provided $8.49 billion, or 65% of this amount, all in the form of grants, and the EU has provided $2.908 billion, or 25%, of which only $626 million in the form of grants.

The International Monetary Fund came third, pledging $2.32 billion and disbursing all of it.

The two next biggest donors are the European Investment Bank and World Bank with $2.32 billion and $1.765 billion, respectively. All the funds pledged by international financial organizations are in the form of loans. The EIB has disbursed $1 billion for restoration - the only donor yet to release funds for this purpose.

The come Canada, Germany and Britain, which have promised $1.521 billion, $1.373 billion and $1.076 billion, respectively, of which Germany and Britain have pledged $1.049 billion and $128 million in grants. All funds have been released.

Japan has pledged and provided $581 million in loans.

France, Italy and the Netherlands have pledged roughly equal financial support for the Ukrainian budget. However, if France and Italy have already provided all their $332 million and $330 million respectively, including Italy $125 million in the form of a grant, the Netherlands has so far allocated $106 million, with another $204 million still expected.

The National Bank of Ukraine has financed UAH 330 billion of the budget deficit - the equivalent of $10.562 billion - through the direct purchase of military bonds.

The monthly requirement for financing the state budget deficit this year due to the crisis is about $5 billion, according to the Finance Ministry and government. Next year, the government plans to reduce the state budget deficit to $3-4 billion a month or $38 billion for the year, relying on funding from the U.S., the IMF and the EU, and raising $17 billion for emergency restoration.