Development partners provided Ukraine with over $41 billion in budget support in 2024

In 2024, the Ministry of Finance of Ukraine attracted external financing from eleven development partners exceeding USD 41 billion. 

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.  

Donors of financial assistance in 2024:

• The European Union - USD 17.3 billion (concessional financing and grants);

• The United States of America - USD 8.3 billion (grants);

• International Monetary Fund - USD 5.3 billion (concessional financing);

• Japan - USD 4.3 billion (concessional financing, grants, guarantee);

• World Bank - USD 3.2 billion (concessional financing);

• Canada - USD 1.8 billion (concessional financing);

• United Kingdom - USD 1 billion (guarantee);

• Norway - USD 306 million (grants);

• Republic of Korea - USD 100 million (concessional financing);

• Council of Europe Development Bank - USD 11 million (concessional financing);

• Spain - USD 3 million (guarantee).

The European Union provided Ukraine with the largest amount of financial assistance under the Ukraine Facility for 2024-2027. The total amount of support reached USD 17.3 billion, of which USD 3.2 billion were grants. 

The support of the United States was extremely significant, including through grants, which allowed Ukraine not to increase the debt burden on the State Budget. Ukraine received USD 7.3 billion through the World Bank's PEACE in Ukraine project to compensate for social expenditures. In addition, USD 1 billion was attracted under the World Bank's Second Growth Foundations Development Policy Loan program. These are funds from the country's contribution under the G7 ERA Mechanism to the F.O.R.T.I.S. Ukraine FIF, which is hosted by the World Bank.

In 2024, Ukraine successfully completed four reviews of the IMF Extended Fund Facility Arrangement, performing all the necessary conditions. This made it possible to attract USD 5.3 billion. In total, Ukraine has already attracted USD 9.8 billion out of the envisaged USD 15.5 billion by the program.

Japan has provided funds to Ukraine under ten World Bank projects: 

A USD 1.4 billion guarantee to support development and recovery policies (under two Development Policy Loan agreements), USD 899 million in loans under the INSPIRE project to provide social protection for the poor and vulnerable in Ukraine, a USD 465 million grant to PEACE in Ukraine, USD 400 million for the SURGE project for recovery, USD 320 million from the Government of Japan under ARISE for agricultural development, and USD 250 million for the RISE project to support the private sector, USD 220 million under the THRIVE project to support the healthcare system, USD 200 million under the LEARN project to improve the educational process in Ukraine, USD 98 million under the HOPE project to compensate homeowners for repairs in apartment and private buildings in need of minor and medium repairs, USD 70 million under the HEAL Ukraine project to reimburse expenses incurred under the medical guarantee program.

Most of the funds from the World Bank were allocated to the PEACE in Ukraine project, in particular, to cover salaries for healthcare, education, emergency services, and other critical public service providers.  

In addition, the World Bank is implementing projects and mechanisms that allow Ukraine to mobilize financial resources from other donors, namely the United States, Japan, the United Kingdom, Norway, and Spain. Since the start of the full-scale war, the World Bank has created seven projects to support the State Budget of Ukraine (PEACE in Ukraine, DPL, INSPIRE, LEARN, RISE, SURGE, THRIVE), as well as three recovery framework projects (HOPE, HEAL, ARISE), part of which is also directed to budget support.

Canada has provided USD 1.8 billion in budget support to Ukraine through the IMF's Administered Account for urgent State Budget needs. 

The UK's guarantees are part of additional funding under the World Bank's PEACE in Ukraine project to compensate for social expenditures. 

Ukraine received USD 100 million in concessional financing from the Republic of Korea to support social services. This is the first time Korea has provided budget support to Ukraine.

USD 11 million from the Council of Europe Development Bank - the first tranche of the CEB co-financing under the World Bank's HEAL Ukraine project to reimburse State Budget expenditures for payments under the medical guarantee program. 

In total, since the start of the full-scale war, international partners have provided USD 115.2 billion in budget support to Ukraine.