Sergii Marchenko discussed Ukraine’s 2026–2027 financial needs with European counterparts during the EU ECOFIN Council meeting in Dublin

Securing sufficient and predictable external financing for Ukraine in 2026–2027, utilising immobilised russian assets for Ukraine's benefit, and continuing structural reforms were the key topics of negotiations between Minister of Finance of Ukraine Sergii Marchenko and international partners during the informal meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Dublin.

On September 18–19, Sergii Marchenko participated in the ECOFIN meeting organised under the Irish Presidency of the Council of the EU. During the visit, the Minister held a series of bilateral meetings with the heads of finance ministries of Ukraine's key partner countries.

Specifically, Sergii Marchenko met with Simon Harris, Deputy Prime Minister and Minister for Finance of Ireland; Elisabeth Svantesson, Minister for Finance of Sweden; John Healey, Chancellor of the Exchequer of the UK; Roland Lescure, Minister of Economy and Finance of France; and Peter Hummelgaard, Minister for Finance of Denmark. Separate negotiations were held with IMF Managing Director Kristalina Georgieva.

The central issue of all meetings was the mobilisation of international resources to meet the needs of the State Budget of Ukraine.

In 2026, Ukraine had already attracted USD 31.3 billion in external financing. The European Union plays a crucial role in this: under the Ukraine Facility and the Ukraine Support Loan, Ukraine has received up to EUR 18 billion this year.

At the same time, securing financing for 2027 remains the primary challenge. Ukraine's total need for external resources amounts to USD 52.6 billion. Even accounting for available financing, including the remaining funds from the Ukraine Support Loan, the uncovered financial gap remains significant.

“Our task for 2027 is not just to close the financial gap. Ukraine needs a predictable financial framework that will allow us to maintain macro-financial stability, finance critical expenditures, and avoid shifting the excessive burden of the war onto citizens and businesses. This requires three components: timely external support, the systemic use of russian assets for Ukraine's benefit, and the consistent implementation of reforms,” noted Sergii Marchenko.

Receiving further external financing to balance the budget and pay salaries and pensions depends directly on the implementation of reforms. The Verkhovna Rada has already adopted 7 critically necessary draft laws in the first reading, and another document regarding digital platforms is being prepared for the President's signature. These include changes to taxation and customs clearance for parcels, small-business bankruptcy procedures, the operations of the Deposit Guarantee Fund and the National Energy and Utilities Regulatory Commission (NEURC), forestry, and securitisation and bonds.

The need for long-term support is amplified by the impact of russian aggression on the economy. Due to russia's systematic attacks on ports and other critical infrastructure, the pace of economic recovery has slowed. In July alone, export losses were estimated at approximately USD 800 million, and by the end of the year, they could reach USD 4.8 billion.

Despite this, the state continues to mobilise domestic resources. Tax revenues exceed the benchmarks set under the IMF program.

During the negotiations, Sergii Marchenko paid special attention to the further use of immobilized russian sovereign assets. The Ukrainian side emphasised that, amid preserving large-scale financial needs and the ongoing russian aggression, it is russia that must bear an increasing share of the financial burden of the war it caused.

Sergii Marchenko urged partners to work on a centralised solution at the EU level. Such a mechanism could assume the relevant obligations to the Central Bank of the russian federation, protect the Euroclear financial infrastructure, and ensure risk-sharing among all EU member states.

Expanding partner contributions to the World Bank's SPUR 2.0 mechanism can serve as an additional source of financing. Its financial model allows for the multiplication of donor resources, significantly increasing the volume of support available to Ukraine.

Following the meetings, the parties agreed to continue close coordination to ensure Ukraine's macro-financial stability, mobilise the necessary external financing for 2027, advance decisions regarding russian assets, and further implement structural reforms.