Ukraine’s state budget external financing reached $41 billion in 2024 as the country secured international aid from 11 donors and borrowed internally, according to the Ministry of Finance statistics in the press release.
The total amount of budget spending, both external sources and internal revenues from taxes of other sources inside Ukraine, reached $57.5 billion in 2024, according to the infographics on the ministry’s website.
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The European Union-driven financing program, Ukraine Facility, provided the largest amount of external funding, with the total amount of funds reaching €16.2 billion ($17.3 billion), Ukraine’s Ministry of Economy reported.
This is 40% of all external financing, the economy ministry estimated.
“The international support allowed Ukraine to fully cover social and humanitarian expenditures. At the same time, all domestic financial resources were directed to the security and defense sector,” the finance ministry wrote in its press release.
Ukraine allocated most of the financing in concessional loans, meaning the country borrowed the cash with long-term deadlines at convenient interest rates.
But some of the financing was allocated as grants, meaning Ukraine will not need to pay the cash back.
Another part of financing is the guarantees provided for Ukraine to secure financing of some projects – they should later be repaid by the Ukrainian government.
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Countries providing international aid to Ukraine in 2024
Donors of financial assistance in 2024 include, according to Ukraine’s Ministry of Finance:
- European Union - $17.3 billion (concessional financing and grants)
- United States of America - $8.3 billion (grants)
- International Monetary Fund - $5.3 billion (concessional financing)
- Japan - $4.3 billion (concessional financing, grants, guarantee)
- World Bank - $3.2 billion (concessional financing)
- Canada - $1.8 billion (concessional financing)
- United Kingdom - $1 billion (guarantee)
- Norway - $306 million (grants)
- Republic of Korea - $100 million (concessional financing)
- Council of Europe Development Bank - $11 million (concessional financing)
- Spain - $3 million (guarantee).
With the EU leading the tranche amounts to Ukraine’s budget, Washington holds the third place in financial assistance.
Ukraine received $7.3 billion from the US through the World Bank’s PEACE in Ukraine project to compensate for social expenditures. A total $1 billion was attracted under the World Bank’s Second Growth Foundations Development Policy Loan program, the finance ministry stated.
These are first tranches from the US’s contribution under the G7 ERA Mechanism. In December 2024, Ukraine signed memorandums to receive tranches of a loan backed by Russian immobilized assets (ERA loan).
In 2024, Ukraine successfully completed six reviews of the IMF Extended Fund Facility Arrangement which made it possible to allocate $5.3 billion in 2024. In total, the IMF disbursed $9.8 billion out of the envisaged $15.5 billion under the program, the Ministry of Finance reported.
Japan contributed cash through the World Bank projects that aimed to finance development and recovery, social wages for the poor and vulnerable, financing for healthcare system and education, support for the private sector and to compensate homeowners for repairs in apartment and private buildings in need of minor and medium repairs, according to the ministry.
Canada provided $1.8 billion in support for urgent state budget needs. The first ever support from South Korea – $100 million in concessional financing – will finance social wages, according to the press statement.
“In total, since the start of the full-scale war, international partners have provided $115.2 billion in budget support to Ukraine,” the press release says.
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