Page 37 - Ukraine OUTLOOK 2024

the necessary external financing for the country's urgent needs in the context of the war. As part of the IMF programme, international partners have provided assurances of financial support for Ukraine amounting to about $122bn over 2023-2027," said Deputy Minister of Finance of Ukraine Olga Zykova.
In addition, the World Bank developed projects and mechanisms that allowed Ukraine to mobilise financial resources from other donors, namely the United States, Japan, the United Kingdom, Norway, Spain, Finland, Switzerland, Ireland, Belgium, Iceland, Estonia and others. Since the beginning of the full-scale war, the World Bank has created seven projects to support Ukraine: PEACE in Ukraine, HOPE, HEAL Ukraine, RELINC, Re-Power, INSPIRE, ARISE.
Of the 42 donors tracked, only 20 have committed new aid packages in the last months of 2023, the smallest share of active donors since the start of the war. There have also been little new commitments by the European Union and the United States.
Proposed funding for 2024 includes:
● US President Biden is proposing $61bn, but that has been locked up in Congress. The allocation for 2024 was supposed to be $8.5bn
● EU military support: €20bn
● EU budgetary support: €50bn. The allocation for 2024 was supposed
to be $18bn.
● Germany's military aid in 2024: €8bn
● Canada's military assistance: €0.8bn
● Norway's military assistance: €0.6bn
● The Netherlands' military aid: €2.5bn
● Denmark's military aid: €0.5bn
● South Korea's financial support: $0.4bn
● Japan's financial support: $0.2bn
● United Kingdom's financial support: $0.5bn
● United Kingdom's military aid: €2.7bn
● Expected IMF funding for Ukraine in 2024: $5.4bn
Opinion on how much aid Ukraine will receive in 2024 is divided. In one of the more optimistic forecasts, Dragon Capital anticipates that Ukraine's foreign partners will continue to provide financial support, consolidating $40bn in direct budget support through the IMF next year. This should help finance the budget deficit and contribute to further growth in NBU reserves to $45bn in 2024, allowing for the gradual easing of currency restrictions.
The proposed new US aid package has been postponed until January 2024, and the approval of EU’s Ukraine Facility has stalled until February 2024. The main remaining group of active donors are individual European countries, such as Croatia, Finland, Germany, Ireland, Lithuania, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom, as well as Nato countries such Canada.
Ukraine can rely on the large previously pledged multi-year programmes that now account for the majority of actually delivered aid. For example, Denmark,
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