Ukraine’s need for loans and grants for next year has increased to $35-38 billion, - Ministry of Finance

Ukraine's need for external financing of the state budget for the next year has increased to $35-38 billion from the $22.7 billion previously anticipated in the IMF's Extended Fund Facility (EFF) program due to the ongoing war.
This was reported by Deputy Minister of Finance of Ukraine Olha Zykova, Interfax-Ukraine reports.
"This year's situation, given the intensity of the war and the additional military needs that we covered exclusively with internal resources, has shown that this gap will potentially be expanded by $12 billion to $15 billion," she said.
Zykova clarified that the need is about 18.2% of GDP. She added that in this regard, the IMF forecast is expected to be adjusted following the fifth review of the EFF Extended Fund Facility programme in September.
Earlier, Prime Minister Denys Shmyhal said at a meeting with Ukrainian ambassadors that Ukraine's external financing needs for next year would be at least $38bn, which is in line with the planned external financing for the current year.
The National Bank estimates that international partners will provide Ukraine with approximately $38 billion in concessional loans and grants this year, and at least $31 billion next year. However, this entire amount has not yet been confirmed by specific commitments.
As reported, Ukraine is asking its G7 partners to accelerate the launch of a mechanism of additional loans totalling $50 billion (Extraordinary Revenue Acceleration Loans for Ukraine - ERA), which will be repaid from the proceeds of frozen Russian assets. There are still several unresolved issues to implement this proposal, and it is not clear how the funds will be distributed.
According to the Ministry of Finance, since the beginning of the war, Ukraine's budget has received $98.04 billion in external financing, including $31.10 billion in 2022 (including $14.23 billion in grants), $42.48 billion ($11.62 billion) in 2023, and $24.47 billion ($6.55 billion) since the beginning of this year.