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Marchenko shares the details of the war development forecast based on which the budget for 2024 was calculated

Oleksandr LytvynNews
Budget for 2024 successfully presented in the Rada
Budget for 2024 successfully presented in the Rada

The Cabinet of Ministers has calculated the draft budget for 2024 based on estimates that the war will continue at the same intensity as now for at least the entire next year. Most of the money will be spent on defense.

Ukrainian Finance Minister Serhii Marchenko said this to G7 finance ministers at a meeting in Morocco, the ministry's press service reports. "The draft budget for 2024 was prepared based on the assumption that the war at the current intensity will last throughout 2024. It provides for the accumulation of maximum resources in the security and defense sector, as well as the creation of conditions for the development of the domestic defense industry," he said.

Concessional financing and grants from the G7 countries have become key to balancing Ukraine's state budget and financing critical expenditures. Since February 24, 2022, the G7 has provided almost $33 billion. This is more than half of all external financing for this period.

Since the beginning of the full-scale invasion, the Ministry of Finance of Ukraine has attracted $64.9 billion in external financing to the state budget. The largest donors are the EU, the US, the IMF, Canada, Japan, the World Bank, the UK, and Germany.

Serhii Marchenko also emphasized the contribution of Japan, which holds the G7 presidency in 2023, in keeping the Ukrainian issue on the agenda of international events and in improving the coordination of financial assistance to Ukraine.

During the discussion of Ukraine's budgetary needs for 2024, the Minister of Finance spoke about the main indicators envisaged in the draft state budget.

As a reminder, Ukraine expects to receive more than $42 billion in 2023. As OBOZ.UA reported earlier, according to economists, Ukraine has to go through three stages of recovery. The first stage has already begun and will last until 2025.

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