Olga Zykova outlined Ukraine’s key financial support needs for budget coverage and recovery at the London Forum

In London, United Kingdom, Deputy Minister of Finance Olga Zykova spoke at the Global Borrowers & Bond Investors Forum. She participated in a panel discussion dedicated to peace and recovery scenarios for Ukraine.

The Global Borrowers & Bond Investors Forum is one of the largest and most influential events in the world of high-grade debt capital markets. The annual forum serves as a platform bringing together over 900 of the most prominent issuers (borrowers), investors, and representatives of leading global investment banks.

During the panel, Olga Zykova highlighted the state of Ukraine's economy amid the full-scale war, the country’s budgetary needs for 2026, and the implementation of recovery efforts.

“Despite all the challenges of war, the Government of Ukraine continues to take the necessary steps to support economic recovery and maintain financial stability. According to forecasts, GDP growth in 2025 will amount to 2.7%. The Government also aims to reduce the budget deficit from 24% of GDP in 2024 to 19.4% in 2025. The external financing need for 2025 is estimated at USD 39.3 billion,” she said.

Since February 2022, Ukraine has mobilized more than USD 135 billion in support from international partners. At the same time, domestic budget revenues for the first five months of the year exceeded the plan by USD 1 billion.

The Deputy Minister noted that risks to the financial system persist – and preparations to address them must begin now.

“As long as the war continues, maintaining close international cooperation and coordination is vital. Ukraine needs financial support to ensure the resilience of its budget system. At the same time, even after the end of hostilities, continued partner support will remain critically important – for economic growth, recovery, and maintaining financial stability. Budget expenditures will not decrease in the post-war period,” emphasized Olga Zykova.

Following the massive destruction caused by russia’s full-scale invasion, Ukraine faces an unprecedented challenge – to rebuild the country, ensure decent living conditions for its citizens, and modernize critical infrastructure.

According to the results of the Fourth Rapid Damage and Needs Assessment (RDNA4), the total recovery needs for the 10-year period, as of the end of 2024, are estimated at nearly USD 524 billion. This is approximately 2.8 times higher than Ukraine’s projected nominal GDP for 2024.

In 2025 alone, USD 17.3 billion is required for priority recovery needs, of which USD 7.4 billion is already covered through the State Budget and international partner assistance. Key sectors requiring immediate financing include housing, energy, critical and social infrastructure, transport, and social protection.

“The Ministry of Finance continues active dialogue with international financial institutions to increase support volumes. At the same time, we are working on improving the public investment management system so that every dollar of international aid is used effectively. This will also strengthen the trust of our partners,” the Deputy Minister noted.

Additionally, the Government is consistently working to create conditions for broader private sector participation in the recovery process. Reforms and new financial instruments are being implemented to support this goal.

The combination of international aid, active business involvement, and effective public investment management creates a foundation for budget sustainability and the successful implementation of the long-term recovery program.