Page 35 - Ukraine OUTLOOK 2024

The sole lawmaker who voted against the budget cited concerns regarding the adequacy of military funding as their reason for dissent.
Public debt is expected to increase to just below 100% of GDP by 2025.
• 5.2 $29bn funding gap in 2024
Ukraine relies heavily on economic assistance from the West and has received more than $68.5bn in budgetary support during the war started by Russia in February 2022, finance ministry data shows.A single day of fighting costs about $136mn, Finance Minister Serhiy Marchenko has said. But that funding is drying up.
Ukraine announced a $4bn reduction in external financing needs for 2024
at the end of December. The government of Ukraine reduced the amount from $41bn to $37.3bn, Minister of Finance Serhiy Marchenko said during a meeting of the financial leaders from the G7 countries, EU leadership, the IMF and the World Bank. In 2023, the Ministry of Finance has attracted $42.3bn in external financing.
He explained that the reduction had been achieved by maximising state budget revenues and activating the domestic borrowing market, among other measures. All capital expenditures of the state budget were also reduced.
"In 2024, the key tasks are the military campaign and social support. Moreover, if defence and security are financed exclusively from internal budget revenues, then in order to ensure the needs of the social sphere, we count on the help of international partners," said Marchenko.
Funding for Ukraine was down 90% in the third quarter of 2023 as Ukraine fatigue escalated.
Between August and October 2023 there was a stark drop in the amount of newly committed aid, with the value of new packages totalling just €2.11bn, an
35 UKRAINE OUTLOOK 2024 www.intellinews.com