Sergii Marchenko outlined Ukraine’s financial needs for 2026 at the meeting of the Ukraine Donor Platform in Rome

On July 9, the 14th meeting of the Steering Committee of the Ukraine Donor Platform took place in Rome, Italy.

The Ukrainian delegation included Prime Minister Denys Shmyhal (who joined online), Platform Co-Chair and Minister of Finance Sergii Marchenko, Deputy Prime Minister for Restoration of Ukraine, Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba, Minister of Energy German Galushchenko, First Deputy Minister of Economy Oleksii Sobolev.

Among international partners were Director-General for Neighbourhood and Enlargement Negotiations at the European Commission Gert Jan Koopman, Acting Coordinator of U.S. Assistance to Europe, Eurasia and Central Asia at the U.S. Department of State Christopher Berghaus, Special Envoy of the Minister of Foreign Affairs and International Cooperation of the Republic of Italy for the Reconstruction and Resilience of Ukraine Davide La Cecilia, as well as representatives of the G7 countries, the European Commission, and international financial institutions.

Sergii Marchenko expressed gratitude to his counterparts for their active cooperation within the Platform and thanked the Italian side for hosting the in-person meeting in Rome on the sidelines of the Ukraine Recovery Conference.

The Platform remains a key coordination mechanism for international support directed toward budgetary needs and recovery efforts. It currently brings together 23 countries and 7 international financial institutions.

During the meeting, the Minister of Finance outlined the current state of Ukraine’s financial system and its key needs for 2026 and the medium term:

“As a result of the joint efforts of the Ukrainian Government and international partners, Ukraine expects full coverage of its external financing needs for 2025 – amounting to USD 39.3 billion. Over USD 22 billion has already been disbursed in the first half of the year. In the context of both the ongoing full-scale war and a possible scenario of active combat coming to an end, Ukraine requires consistent and predictable external support to maintain financial stability – achieved in close cooperation with partners since 2022. This is also the foundation for the country’s successful recovery.”

According to the IMF’s Extended Fund Facility (EFF) program, in the event of an end to active hostilities, Ukraine’s international financing needs for 2026 would amount to USD 22 billion. At the same time, Ukraine would require additional resources to enhance its defense capabilities. If the full-scale war continues into 2026, budgetary needs will remain at least at the same level as in 2025. Security assistance will not only help deter the aggressor effectively within Ukraine but also serve as a reliable safeguard for Europe against russian threats.

The Minister of Finance urged partners to accelerate efforts to confiscate frozen russian assets. He emphasized that this should not only be a matter of justice but also a significant financial resource for reconstruction.

He also noted the positive trend in domestic revenues. In the first half of 2025, they increased by 17% compared to the same period in 2024.

In 2025, 64% of total expenditures from the general fund of the State Budget have been allocated to the defense sector. The Government has also submitted to Parliament a draft law proposing an additional USD 10 billion (UAH 412.4 billion) in defense funding, sourced from overperformance of revenues and domestic borrowing. These funds are intended to meet the additional needs of the Defense Forces for weapons, ammunition, and equipment.

Special attention was given to the progress of reforms in Ukraine. The Government continues to implement them and fulfill its commitments under cooperation with international partners. Ukraine recently completed the eighth review of the IMF’s EFF program – a record milestone. Significant progress was also made in meeting the conditions for disbursement under the EU’s Ukraine Facility.

Among key achievements is the implementation of the Public Investment Management (PIM) reform, aimed at improving the efficiency and transparency of public expenditures for recovery. The reform introduces new approaches to project selection for public investment.

Sergii Marchenko stressed that current capital expenditures under the PIM reform are focused primarily on urgent needs – housing, energy, and security infrastructure. At the same time, it is important to scale up investment in economic and social development, which will shape the country’s future.

Platform participants reaffirmed their continued commitment to supporting Ukraine in maintaining financial stability, advancing recovery, and achieving sustainable development.