Olga Zykova at URC 2026: Since 2022, international partners have provided Ukraine with nearly $180 billion in budget support

Deputy Minister of Finance of Ukraine Olga Zykova participated in the Ukraine Recovery Conference 2026 (URC 2026), held in Gdańsk on June 24–26. She spoke at the panel discussion “Recovery Despite the War – Future in the Making”, dedicated to the strategic vision for Ukraine’s recovery and reconstruction amid the full-scale war.

The event brought together representatives of the governments and local authorities of Ukraine and Poland, as well as municipal leaders, including First Deputy Minister for Development of Communities and Territories of Ukraine Alona Shkrum, Secretary of State at the Ministry for Development Funds and Regional Policy of Poland Jacek Karnowski, Chairman of the Association of Ukrainian Cities, Mayor of Kyiv Vitali Klitschko, mayor of Gdansk Aleksandra Dulkiewicz, and Vice President of the Management Board for Foreign Assets KGHM Anna Sobieraj-Kozakiewicz.

During the discussion, Olga Zykova focused on Ukraine’s cooperation with International Financial Institutions (IFIs), which has become critically important for maintaining the country’s economic resilience during wartime.

She emphasized that since the beginning of russia’s full-scale invasion, international partners have provided Ukraine with nearly USD 180 billion in budget support, enabling the Government to ensure uninterrupted financing of critical public expenditures, including social protection, healthcare, education, and the functioning of the public sector.

According to the Deputy Minister, over the past four years a strong ecosystem of international financial partners has been formed around Ukraine. Among the key institutions providing long-term financing since 2022 are:

• The World Bank, which has played a central role in supporting Ukraine through stable budget financing, mobilization of grants and loans from partners, and long-term institutional strengthening for recovery and development – having mobilized more than USD 81 billion in assistance;
• The European Bank for Reconstruction and Development (EBRD), which has mobilized over EUR 9 billion to support critical infrastructure, state-owned enterprises, and the private sector;
• The European Investment Bank (EIB), whose project portfolio in Ukraine has reached EUR 4.7 billion, financing infrastructure projects both in local communities and at the national level;
• The Council of Europe Development Bank (CEB), which has approved more than EUR 810 million to support the housing sector, healthcare system, and other socially important areas;
• KfW, which has provided approximately EUR 1.4 billion to support energy resilience and social infrastructure.

Olga Zykova stressed that the role of IFIs in Ukraine’s recovery is multidimensional. It goes beyond maintaining budget liquidity and includes rapid infrastructure restoration, mobilizing private capital through guarantee and war-risk insurance mechanisms, supporting structural reforms, and financing municipal recovery.

“Today, International Financial Institutions are not only a source of financing. They are strategic partners that provide technical expertise, support structural reforms, and help shape a modern recovery architecture for Ukraine in line with European standards,” said Olga Zykova.

The Deputy Minister also presented a comprehensive assessment of Ukraine’s recovery needs and outlined key financial and institutional priorities for the medium and long term.

According to the Budget Declaration for 2027–2029, Ukraine’s total external financing needs for 2026–2029 are estimated at USD 145.9 billion, with financing needs for 2027 alone reaching approximately USD 45.3 billion.

At the same time, according to the Fifth Rapid Damage and Needs Assessment (RDNA5), Ukraine’s total recovery and reconstruction needs for 2026–2035 are estimated at USD 588 billion, nearly three times Ukraine’s projected nominal GDP for 2025.

The sectors currently requiring the largest investments include:

• Housing – nearly USD 90 billion
• Transport – USD 96 billion
• Energy –  more than USD 90 billion
• Industry and trade – USD 63 billion
• Agriculture – USD 55 billion

According to Olga Zykova, the total financing needs of the Government of Ukraine for recovery in 2026 amount to USD 15.25 billion. However, only 38% of these needs have been financed so far, leaving a funding gap of USD 9.48 billion.

The largest financing gaps remain in:

• Energy – USD 3.3 billion
• Housing – USD 2.2 billion
• Transport – USD 1.8 billion

She noted that given the financing gap, Ukraine requires further mobilization of financial resources, technical assistance, and private investment to accelerate the recovery of communities, housing, social, and critical infrastructure.

The Deputy Minister also emphasized that Ukraine’s recovery is already underway despite the war. Ukrainian communities continue implementing projects to restore housing, critical infrastructure, and essential services, demonstrating that reconstruction can begin even before hostilities end.

“Ukraine’s recovery is not only about rebuilding what has been destroyed. It is an opportunity to create a new economy – more technological, digital, energy-efficient, and integrated into the European market. We must build back better, creating a resilient foundation for long-term development,” Olga Zykova emphasized.