25 Nov 2022 20:19

Ukraine receives $26.7 bln, or 71% of declared int'l financial assistance - Ukrainian Finance Ministry

MOSCOW. Nov 25 (Interfax) - The volume of financing de facto provided to Ukraine by international partners since the start of the military action to cover the state budget deficit reached $25.731 billion as of November 24, the Ukrainian media reported, citing the Ukrainian Finance Ministry.

Another $1 billion was received for rebuilding, the reports said.

In total, that reached 71% of the declared international assistance worth a total of $37.581 billion, the ministry said.

According to data on its site, grants account for 39.2% of the received funding ($10.49 billion).

The United States and the European Union planned to provide the most support to Ukraine, $12.99 billion and $11.5 billion, respectively. Of that amount, the U.S. provided $8.49 billion, or 65% all in the form of grants, and the EU provided $7.367 billion, or 64%, of which grants accounted only for $626 million.

Among the largest donor for promised assistance are the International Monetary Fund (IMF), the European Investment Bank (EIB) and Canada with $2.71 billion, $2.32 billion and $2.021 billion, respectively. The IMF provided all of the declared funds, whereas the EIB and Canada provided $1.72 billion and $1.521 billion, respectively. All funds were provided in the form of loans. The EIB is currently the only donor hat has provided funding for rebuilding.

They are followed by the World Bank, Germany and the United Kingdom with $1.765 billion, $1.373 billion and $1.076 billion, respectively. Germany and the UK provided grants amounting to $1.049 billion and $128 million respectively. These countries have already provided all of the declared funds, whereas the World Bank has only provided 56%.

Japan is also a donor to Ukraine budget. It has provided $581 million, and this money has already been received in the form of loans.

France has declared support to the Ukrainian budget in an amount of $432 million (77% of it has already come through), Italy and the Netherlands provided $332 million and $330 million, respectively (including Italy's grant of $125 million). Italy has provided all of the money, and the Netherlands has provided one-third - $106 million.

Nine other countries promised to provide in total $172.5 million, of which $149.5 million has already come through, including $80.5 million in the form of grants.

The National Bank of Ukraine covered the state budget deficit in an equivalent of $11.246 billion by direct buyout of "military" bonds.

According to data from the Finance Ministry and the government, the monthly need for state budget deficit financing reaches some $5 billion this year. Next year, the government plans to reduce the state budget deficit to $3-4 billion a month (in total $38 billion a year), counting on its financing by the U.S., the IMF and the EU, and also to draw $17 billion for emergency recovery.