Andriy Pyshnyy, Chairman of the National Bank of Ukraine (NBU), has disclosed that Ukraine will need a substantial $37 billion in external financing for the upcoming year, primarily due to its high expenditures on defense. The NBU Chairman emphasized the critical role of international support in ensuring macro-financial stability in the years to come, as reported by the bank’s press service on Thursday.
To obtain the necessary financial assistance, Pyshnyy stressed the importance of Ukraine’s continued cooperation with the International Monetary Fund (IMF) and other foreign partners, as reported by Xinhua news agency. Ukraine has already received around $27 billion in international aid since the start of this year, resulting in a significant boost to the country’s foreign reserves, reaching an all-time high of $39 billion by the end of June.
As the year concludes, it is anticipated that the total international assistance for Ukraine will reach $42 billion, further fortifying the nation’s financial position. The call for external financing highlights the challenges posed by Ukraine’s high defense expenditures and underscores the significance of collaboration with global financial institutions and foreign allies to ensure economic stability. By seeking external funding, Ukraine is striving to maintain stability and address its defense requirements, reaffirming its commitment to financial resilience in the face of mounting expenditures.