Zelensky: EU and IMF understand the need to help Ukraine with the budget deficit — $27 billion extra needed for defense

Ukrainian President Volodymyr Zelensky said Friday that the European Union and the International Monetary Fund understand the importance of helping Kyiv finance the budget deficit and defense spending, at a time when the cost of the war is rising significantly.

Ukraine is seeking $27 billion extra from international partners this year alone for defense. According to Zelensky, the costs of the war have risen as Ukraine and Russia have intensified long-range drone and missile attacks against each other’s military and economic assets, while fighting continues along a 1,200-kilometer front line.

Kyiv has also asked for the disbursement of part of the loan from the European Union to be accelerated. Zelensky stressed the urgency of new military orders: “Everyone understands that Ukraine cannot stand alone, and that more investment is needed in drones and missiles produced in Ukraine.” He added that Ukraine must order drones in October and November, otherwise it will face serious difficulties at the start of next year, and that he received a positive response from European Commission President Ursula von der Leyen.

Beyond defense needs, Ukraine remains dependent on foreign aid to finance social and humanitarian spending. Kyiv estimates it will need more than $52 billion in international financial aid next year.

Finance Minister Sergii Marchenko told reporters that an IMF mission for the second review of Ukraine’s financing program is expected in November. According to him, by then Kyiv must have a concrete plan ready on how it will finance next year’s budget.

Source: Reuters