Ukraine's Prime Minister, Denys Shmyhal, announced on Thursday at the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group that the country anticipates needing approximately $42 billion in financial aid in 2024 to cover a budget deficit equating to 21% of the country's GDP. This announcement follows Shmyhal's disclosure on Wednesday, during a high-level roundtable at the same meetings, that Ukraine's state budget deficit for this year is about 20% of GDP.
Shmyhal underscored the crucial role of international support in enabling Ukraine to withstand Russia's full-scale aggression. He appealed for ongoing help from partner nations, vital for addressing basic social obligations such as disbursing pensions, paying salaries to medical professionals and educators, and providing assistance to individuals displaced due to the conflict with Russia. He also confirmed that all tax revenues are dedicated to enhancing Ukraine's security and defense.
During his address on Wednesday, Shmyhal highlighted economic reform programs such as the fight against corruption and digitalization efforts as part of a single reform "road map" through 2027 based on international recommendations. He projected a $14 billion need for a rapid-recovery response program, with the World Bank assisting in these assessments.
World Bank President Ajay Banga proposed that a predictable policy path could attract private-sector financing, potentially covering one-third of Ukraine's future needs through investment in digital infrastructure. U.S. Treasury Secretary Janet Yellen committed to long-term U.S. support and stressed the importance of continuing anti-corruption efforts.
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