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proposed package of $24bn in funding, but that is in question now following
the US Congress decision to withdraw an allocation for $300mn from a recent spending bill.
Ukraine is also due to receive $15.6bn over four years from the IMF under the current Extended Fund Facility (EFF). The IMF last week signed off on its second assessment of Ukraine’s success in sticking to the reforms demanded by the deal. Ukraine's fulfillment of the conditions determined in cooperation with the IMF would allow it to receive $5.4 billion under the EFF program next year.
Since the onset of the Russian invasion, Ukraine has secured approximately $65bn in partnership assistance in the form of soft loans and grants. Of this, $32.6bn was obtained in 2023, primarily from key partners such as the European Union, the United States, the IMF, Canada, Japan, and other allies, Interfax Ukraine reports. The total volume of grants and loans from foreign partners was $33.8bn in 2023,” Finance Minister Serhiy Marchenko said on October 13.d
The prime minister emphasised that in the current year, Ukraine is on track to secure $42bn in macro-financial and partnership assistance, comprising low-cost long-term loans and grants.
US President Joe Biden has submitted a request to the US Congress for a new military spending package of $106bn, to arm both Ukraine and Israel on October 20 that will see the financial commitment to supporting Ukraine fall.
The largest part of the spending package is dedicated to Ukraine, which will receive a total of $61bn, which Israel gets $14bn, mostly to reenforce its Iron Dome air defences.
As reported by bne IntelliNews, the western allies support for Ukraine is beginning to waiver and Ukraine’s funding is increasingly in doubt.
The proposed assistance to Ukraine primarily focuses on providing Ukraine with the weapons it needs to continue its fight against Russia. A substantial portion of the funds is directed towards the procurement of additional weaponry and equipment.
The financial package will also facilitate significant investments in Ukraine's defence and industrial base.
Beyond defence, the aid package includes provisions for direct budget support to Ukraine, albeit at a reduced level. The initial budget support of $1.1bn per month is slated to be decreased to $825mn per month, as part of the White House's recalibration of financial assistance to Ukraine.
The aid package also includes money earmarked for critical infrastructure development, support for Ukrainian law enforcement agencies, and assistance in demining efforts within the country.
More than $9bn is to be set aside for humanitarian assistance in Ukraine, Israel, and Gaza.
52 UKRAINE Country Report November 2023 www.intellinews.com