Zelensky discusses EU funding results
Ukrainian President Volodymyr Zelensky announced that recent dialogues with the European Commission have yielded “good results” concerning funding for Ukraine’s financial and defense needs in 2026 and 2027. He stated, “We have identified the format, timelines, and necessary steps to ensure full coverage of these needs.”
Zelensky emphasized that coordination of this work will be carried out on a monthly basis, reiterating the importance of consistent collaboration going forward.
Additionally, he informed the public about preparations for further measures aimed at strengthening Ukraine and protecting its citizens. He expressed gratitude to European Commission President Ursula von der Leyen and other European partners for their support.
On September 28, Roman Yermolichev, the First Deputy Minister of Finance, reported that Ukraine would require an additional $75 billion for defense in 2027 beyond what was allocated in the budget.
Context
- On September 10, Finance Minister Serhiy Marchenko indicated that Ukraine was on the brink of a budget crisis due to a lack of funds. He noted that the Ministry of Finance would postpone less critical expenditures, prioritizing funding for security and defense.
- The budget is short by $27 billion. On August 30, Defense Minister Yevhenii Khmara suggested that part of the EU loan earmarked for 2027 could help cover the deficit, alongside seeking aid from new countries.
- The European Union aims to first clearly define Ukraine’s budgetary needs and the causes of the deficit before determining how to address it, as stated by European Commissioner for Economy Valdis Dombrovskis in early September.
- On September 27, Prime Minister Serhiy Koretsky announced plans to secure approximately $7 billion through strict financial discipline, including optimizing expenses and reallocating budget expenditures. Ukraine is collaborating with partners to devise mechanisms to cover an additional $20 billion deficit.
