The Ukrainian military is concerned about its ability to continue to resist Russian air attacks

The Ukrainian military is concerned about its ability to continue to resist Russian air attacks

Ukraine is asking its partners for $37 billion to keep its economy afloat

Ukraine needs $37 billion in aid to keep its economy afloat despite a Russian attack, Prime Minister Denis Shmyhal estimated Wednesday, while Kiev fears Western support is eroding.

Last year, he said, the country received $42.6 billion in external financing, including 27% in donations, from its main partners, citing the European Union, the United States, Japan, Canada, the United Kingdom and the International Monetary Fund. And the World Bank.

“This year’s total needs exceed $37 billion. We depend on regular, stable and timely support from our partners.Mr. Shmyhal made this statement during the first Cabinet meeting of the year, which coincides with a sharp intensification of Russian bombing.

At the same time, Ukraine is counting on increasing its budget revenues while nearly half of its expenditures (43.9 billion euros, or about 22% of its GDP) will be allocated to defense and security, according to the 2024 Budget Law adopted by the Ukrainian Parliament in November.

In 2023, the Ukrainian authorities estimated their foreign aid needs at $41 billion. Western aid pledges fell to their lowest level since the Russian offensive began in early 2022, against the backdrop of political discord in Europe and the United States, according to data published by the Kiel Institute for the World Economy in early December. German organization that records pledges of military support to Ukraine.

“The outlook is uncertain (…) “The largest pending commitment – from the European Union – has not been approved and US aid is declining.”he wrote.

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A €50 billion envelope to boost European support will not be issued before the next EU summit scheduled for early February. The US position comes in the face of the reluctance of Republican parliamentarians.

Since the beginning of the Russian invasion, Ukraine's allies and international organizations (World Bank, IMF, etc.) have promised Ukraine aid amounting to approximately 255 billion euros, of which 182 have been paid or should be paid during this year.

These commitments include €141 billion in financial aid, approximately €16 billion in humanitarian aid, and €98 billion in military aid.

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