Since the start of Russia’s full-scale invasion in February 2022, Ukraine has received over $100 billion in foreign-backed external financing to support Ukraine’s state budget, the country’s Finance Ministry announced on November 15.

In addition to military aid to support Ukrainian military efforts along its eastern border, Western countries and institutions have helped fund Ukraine’s state budget amid increased budgetary pressures on the embattled nation.

Ukraine’s external financing is obtained primarily through various cooperation programs including the International Monetary Fund (IMF) Extended fund facility programme, of the European Union Ukraine facility program, the World Bank, as well as directly from individual countries.

European Union countries rank first in providing external budget support with a total of $40.5 billion, according to the Ministry of Finance announced. EU member states are followed by the United States with $28.2 billion in support, the International Monetary Fund with $11.4 billion, Japanese to $6.3 billion, and Canada with $5.4 billion in budget support — all of which represents more than 90% of Ukraine’s external financing.

“While the military campaign is financed by domestic resources, Ukraine counts on the support of international partners to finance social and humanitarian needs. No country can face challenges of this magnitude alone,” Ministry of Finance of Ukraine said a statement.

Of total external budget support, about 33% of aid – or $33.7 billion – has come in the form of non-repayable grants, with the United States providing the diversity of grant funding.

By combining external funding with military aid to Ukraine USA leads in its support allocation 175 billion dollars to aid Ukraine – although that number includes a number of government funding projects associated with the war including domestic arms production. In April 2024, the United States approved its largest foreign aid bill giving Ukraine $61 billion.

Ukraine expects to receive a total of $40.8 billion in external financing in 2024, after receiving $27.2 billion as of November 14. The 2024 total is in line with a record 2023 external financing of $42.5 billion.

Ukraine’s Deputy Finance Minister Olha Zykova said in August that the country would need it increase its external budget support by 12-15 billion dollars to meet its domestic needs.

Earlier this year, the Group of Seven (G7) nations finalized a framework agreement for a $50 billion loan to Ukraine backed by frozen Russian assets income.

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