Minister of Finance discussed Ukraine’s budget support with partners in Copenhagen: In 2025 Ukraine has already raised over $30 billion

On September 20, Minister of Finance of Ukraine Sergii Marchenko held a series of bilateral meetings in Copenhagen with finance and economy ministers of the G7 and EU countries, as well as representatives of the European Commission and the IMF.

In particular, he held talks with Canada’s Minister of Finance François-Philippe Champagne, Denmark’s Minister of Economic Affairs Stephanie Lose, European Commissioner for Financial Services, Savings and Investments Union Maria Luis Albuquerque, and Director of the IMF’s European Department Alfred Kammer.

The parties discussed the state of Ukraine’s financial system, budgetary needs for 2026, new mechanisms of budget support for Ukraine, and reforms.

Sergii Marchenko thanked his colleagues for the financial support provided by partners since the beginning of russia’s full-scale invasion.

“Over the past three and a half years, Ukraine has received more than USD 145 billion in international financial assistance. This has enabled the Government to maintain macro-financial stability under full-scale war and to guarantee all necessary social expenditures. Given that the war continues, challenges to the financial system remain, and the continuation of external support is extremely important,” emphasized Sergii Marchenko during the meetings.

He added that in 2025 alone, more than USD 30.6 billion in external financing has already been mobilized, with the total need for the current year amounting to USD 39.3 billion.

Regarding the next budget year, Sergii Marchenko stressed that, given the ongoing war with russia, the Government of Ukraine continues to direct all domestic financial resources to defense spending. Therefore, to cover social expenditures, the country relies on international partners’ support. To this end, the Government is actively engaging in dialogue with key partners - the IMF, the EU, and G7 countries.

In bilateral meetings, the Minister of Finance of Ukraine discussed with his counterparts additional options for Ukraine’s financial support, including the possible implementation of the European Commission’s recently presented initiative on a Reparation Loan backed by frozen russian assets.

Proceeds from frozen russian assets are already being used to cover priority State Budget expenditures. Within the framework of the G7’s Extraordinary Revenue Acceleration for Ukraine (ERA) initiative of USD 50 billion, launched in 2024, Ukraine has already received about USD 23 billion from its partners.

Sergii Marchenko highlighted the support of the Governments of Canada and the EU for this initiative. In particular, Canada’s contribution to ERA amounts to CAD 5 billion (about USD 3.4 billion), the EU’s - EUR 18.1 billion (about USD 20 billion).

The Government of Ukraine continues working on implementing the necessary reforms to realize the EU’s Ukraine Facility financial instrument for 2024-2027 amounting to EUR 50 billion, which is one of the key mechanisms of budgetary support. To date, more than EUR 22.6 billion has already been mobilized under the Ukraine Facility.

The Minister of Finance also discussed with partners the strengthening of sanctions against russia and investments in Ukraine’s defense industry.

In his meeting with IMF European Department Director Alfred Kammer, Minister of Finance Sergii Marchenko discussed the possibility of launching a new cooperation program with the International Monetary Fund by the end of the year. The Ukrainian side has recently submitted an official request to the IMF for a new program.

The parties also discussed Ukraine’s European integration progress. The Minister of Finance informed about structural reforms already implemented to ensure full integration into the EU.

Sergii Marchenko expressed hope for the continued strengthening of EU support for Ukraine, including during Denmark’s presidency of the Council of the European Union.

For their part, partners assured that they would continue providing comprehensive support to Ukraine. The parties agreed on the need to maintain close dialogue on expanding Ukraine’s budgetary support mechanisms in 2026 and beyond.