According to Bloomberg, Ukraine may face a $54 billion shortfall in external funding over the next three years. The largest need will arise in 2027, when Ukraine will require $30–35 billion. In 2028, the country will need an additional $17 billion, and in 2029, approximately $2 billion.
Reasons for the Funding Shortfall
The primary reason for such a significant deficit is the prolonged war and high government expenditures. According to estimates from the International Monetary Fund (IMF), these figures may change as the situation in the country remains dynamic. An IMF spokesperson declined to comment on these figures.
Actions by International Partners
On Tuesday, September 27, 2026, a meeting of Ukraine's donors took place in Brussels, where additional assistance options were discussed. Earlier, the European Union approved a loan package of €90 billion (approximately $102 billion) and urged partners to fulfill commitments to provide an additional €30 billion for this and the next years.
- 2027: funding need — $30–35 billion
- 2028: funding need — $17 billion
- 2029: funding need — $2 billion
Discussion of Reforms
The European Commission and the IMF are urging the Ukrainian government to implement a reform plan that will unlock international assistance and improve the management of already provided funds. The European Commissioner for Economy Valdis Dombrovskis and Ukraine's Finance Minister Serhiy Marchenko were expected to meet to discuss the necessary reforms for the next tranche of EU budget support for Ukraine.
EU countries are still discussing how to provide Kyiv with additional funding, as the war is expected to continue into next year. Some states have returned to the idea of using €210 billion of Russian Central Bank assets frozen in Europe to unlock access to additional funding, while others suggest issuing additional joint debt obligations.