Olga Zykova at the EIB Group Forum: Since 2022, Ukraine has received nearly $173 billion in budget support from international partners

Deputy Minister of Finance of Ukraine Olga Zykova participated in the international EIB Group Forum in Luxembourg titled “A Strong Europe in a Changing World.” The forum was organized by the European Investment Bank.

As part of the event, she took part in the panel discussion “Rebuilding Ukraine,” which also featured representatives of the Ministry for Development of Communities and Territories of Ukraine, Zaporizhzhia Regional Military Administration, Naftogaz of Ukraine, the European Commission, and the European Bank for Reconstruction and Development.

Olga Zykova also held a bilateral meeting with European Investment Bank Vice-President Karl Nehammer. The parties discussed the implementation of the current project portfolio, opportunities to accelerate the mobilization of financing, and the preparation of new initiatives for 2026–2027 using European Union guarantees.

During the panel discussion, Olga Zykova emphasized that despite the full-scale war, Ukraine continues to demonstrate the resilience of its economy and financial system. Currently, around 60% of the State Budget is directed toward defense needs, while social and humanitarian expenditures are largely financed with the support of international partners.

Since 2022, Ukraine has received more than USD 172.9 billion in budget support, which has become a key factor in maintaining the country’s macro-financial stability.

At the same time, the scale of reconstruction needs remains significant. According to the Fifth Rapid Damage and Needs Assessment (RDNA5), Ukraine’s total recovery and reconstruction needs for the next ten years amount to nearly USD 588 billion.

In this context, the Deputy Minister stressed the importance of continued systematic cooperation with international financial institutions, including the International Monetary Fund, the World Bank, the European Investment Bank, the European Bank for Reconstruction and Development, KfW development bank, and other partners.

“The scale of these challenges is unprecedented, therefore Ukraine critically needs to maintain consolidated support from international partners to ensure sustainable recovery and long-term economic transformation,” said Olga Zykova.

At the end of February, the Executive Board of the International Monetary Fund approved a new four-year Extended Fund Facility (EFF) program for Ukraine totaling USD 8.1 billion. The first tranche of USD 1.5 billion has already been disbursed to the State Budget. The IMF program, which runs from 2026 to 2029, is an important signal of confidence for international partners and creates the foundation for further large-scale support from the European Union and the G7 countries.

The Deputy Minister also welcomed the European Union’s decision to mobilize EUR 90 billion in financial support for Ukraine for 2026–2027 and expressed hope that EU institutions will soon adopt the necessary decisions to begin the first disbursements as early as the second quarter of 2026.

In addition, Olga Zykova stressed the importance of introducing the Reparations Loan mechanism, which would use frozen russian sovereign assets to finance Ukraine’s recovery.

“Given the scale of recovery needs that Ukraine must address between 2026 and 2035, it will be difficult to implement a full-scale reconstruction of the country without a Reparations Loan mechanism,” she noted.

According to the Deputy Minister, Ukraine aims not only to ensure macro-financial stability during wartime but also to create the conditions for long-term economic development and full membership in the European Union.

“We do not want to remain in survival mode. Our goal is long-term economic transformation and full integration into the European Union. Ukraine’s recovery is impossible without the active role of international financial institutions, the development of private capital, and the launch of a reparations mechanism. Together with grants, concessional loans, and guarantees, this will allow us not only to rebuild what has been destroyed but also to create a modern economy of the future,” emphasized Olga Zykova.

In order to remain a reliable partner for the international community, Ukraine continues to implement systemic reforms in line with EU standards and is strengthening coordination with international financial institutions, which has significantly deepened compared to the beginning of the full-scale war.

According to Olga Zykova, financing Ukraine’s recovery requires a balanced approach to mobilizing resources that combines grants, concessional loans, and private capital, while also using blended finance mechanisms and public-private partnerships. An important instrument is also attracting financing under European Union guarantees, which will help preserve the country’s debt sustainability.

Such an approach will make it possible not only to restore destroyed infrastructure but also to ensure the long-term modernization and transformation of Ukraine’s economy in line with European standards.