Ukraine Donor Platform: Ukraine and international partners discussed ways to cover financing needs for 2027

Ukraine will require USD 52.6 billion in external financing in 2027. Around USD 20 billion already has expected sources of financing, while about USD 32.6 billion remains uncovered.

The Minister of Finance of Ukraine Sergii Marchenko stated this during an informal meeting of the Ukraine Donor Platform participants in Brussels.

The Minister stressed that defence and security remain the key priorities of the 2027 State Budget. At the same time, Ukraine must continue financing its social commitments, maintaining economic stability, restoring infrastructure and investing in human capital. Continued support from international partners will be essential. At this stage, financing commitments are expected from the EU, Japan, the IMF and the World Bank.

At the same time, Ukraine continues to increase domestic revenues and mobilise internal resources. Tax and customs authorities are working to reduce the shadow economy, combat smuggling and illegal employment, and address artificial business fragmentation schemes.

The Minister stressed that financing Ukraine’s needs should not lead to an excessive increase in public debt or create additional risks for post-war recovery.

One of the key sources for covering Ukraine’s future financing needs should be frozen russian assets. This is both a practical and fair solution: the aggressor must bear financial responsibility for the consequences of its war.

Ukraine called on its European partners to work towards a centralised solution at the European Union level, based on a robust legal framework and enabling the strategic use of frozen russian assets to support Ukraine.

At the same time, it is important to make maximum use of existing international financial instruments. In particular, partner contributions through World Bank mechanisms such as SPUR-2 can significantly increase the impact of donor financing by leveraging the Bank’s capital and guarantees. Ukraine also counts on additional bilateral contributions from partners and new long-term financing solutions.

SPUR-2 is a dedicated World Bank Group programme under a mechanism designed to provide financial support for Ukraine’s recovery and financing needs. Its objective is to mobilise up to USD 6 billion in additional financing for Ukraine. The programme seeks to attract up to USD 2 billion in contributions from partner countries, which can be leveraged threefold through the World Bank’s balance sheet and guarantees.

The Minister thanked international partners for their significant financial support to Ukraine in 2026. External assistance already received by the State Budget in 2026 amounts to USD 36 billion.

In particular, the European Union has provided USD 20.2 billion under the Ukraine Support Loan and the Ukraine Facility. An additional USD 10.5 billion in macro-financial support was mobilised through the ERA mechanism, while the IMF disbursed USD 2.2 billion. Significant support was also provided by Japan, Canada, the United Kingdom, Sweden, Norway, the World Bank and the Council of Europe Development Bank.

The Minister also emphasised the importance of continuing reforms and fulfilling Ukraine’s international commitments and the conditions under financial support programmes. The pace of their implementation will directly affect the volume of financing Ukraine will be able to attract by the end of 2026.

In September, the Verkhovna Rada adopted at first reading seven draft laws from the list of measures critically important for securing international financial support. Another draft law has already been adopted and is being prepared for the President’s signature.

In January-August 2026, tax and customs revenues to the State Budget amounted to USD 34.1 billion, up 14.5% compared with the same period in 2025.

The Government is also concentrating available budget resources on key priorities to ensure uninterrupted financing of defence, social expenditures and debt servicing.

At the same time, Ukraine’s capacity to mobilise additional domestic resources remains constrained by the ongoing full-scale war. russian attacks continue to damage Ukraine’s energy, transport and industrial infrastructure, as well as exports and logistics, creating additional pressure on economic activity and budget revenues.