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foreigners (EU citizens and legal entities) to buy Ukrainian agricultural land, which should bring even more benefits. Almost 71% of the territory of Ukraine (or 42.7 million hectares) is agricultural land, and 33 million hectares is arable. However, after the start of the full-scale invasion, almost 20% of Ukraine's agricultural land was occupied, and nearly a third of the farm sector was destroyed. The losses in the agricultural sector currently amount to $80B.
6.1.3 Budget dynamics - funding
What should Ukraine expect from its international partners in 2024? In the first quarter of the year, Ukraine plans to receive almost $10.2B from partners, notes the Chairman of the Committee on Finance, Danylo Hetmantsev. In particular:
● $4.88B from the EU (Ukraine Facility)
● $1.5B from the World Bank (DPL)
● $1.47B from Canada
● $0.88B - fourth tranche from the IMF (EFF)
● $0.23B from Japan (agricultural sector restoration)
This will give Ukraine the lion's share of the external budget’s financing for the year's first half. By the end of 2024, our country is counting on:
● continued restructuring of commercial external debt (will save $4.5B on debt payments)
● receipt of the third and fourth tranches under the Ukraine Facility
● the fifth and seventh tranches from the IMF ($2.3B in July, $2.1B each in September and December)
Ukraine is also counting on $10B in aid from the US and the EU's decision on using the profits from frozen Russian assets (€3B is planned to go to the Peace Fund).
Ukraine receives only 10% of planned financial aid in January-February, no military aid within Ramstein – Stefanishyna Over the past two months, Ukraine has received only 10% of the planned financial assistance, and has also not received military assistance, which was planned within the Ramstein format, Deputy Prime Minister for European and Euro-Atlantic Integration Olha Stefanishyna says.
This year, the government has already raised more than ₴74B from the sale of government bonds. According to the NBU, in two months of 2024 the government has raised ₴34.8B, $477.3M, and €514.2M from the placement of government bonds at auctions. ₴10.2B, $548.5M, and €555.5M have been spent on servicing debt during this period.
Ukraine has not received about €16B that was collected in Poland at two donor conferences in 2022. "According to our data, more than €10B was collected during the first, and more than €6B during the second. Ukraine did not receive anything. The funds were collected by Poland, together with the European Commission, to support Ukraine. We do not know the fate of these funds," said Prime Minister of Ukraine Denys Shmyhal.
S&P Global Ratings expects that Ukraine will receive the entire volume of
50 UKRAINE Country Report April 2024 www.intellinews.com