Money from allied countries helps Ukraine stay afloat. Financial resources are expected from many Western countries.
ThisChannel 24 was told by member of the board of the National Bank of Ukraine Vasily Furman. According to him, external financial assistance affects a number of factors.
The Importance of EU Money for Ukraine
Vasily Furman said that funds from Western partners are very important. Such assistance is huge, therefore it opens up an opportunity for Ukraine to close many issues.
So that we can securely maintain financial defense, maintain macroeconomic stability, have a stable banking system and a relatively stable hryvnia,” he explained.
In his opinion, this also restrains inflation in Ukraine.
“We have a financial weapon – this is money,” the member of the NBU Council emphasized.
However, there is still a state deficit in Ukraine.
Vasily Furman told what financial assistance from the EU is used for: watch the video
What is known about the lack of funds this year
Vasily Furman named the minimum missing amount.
If we talk about the budget this year, this is minus 38 billion dollars , he said.
According to him, a financial resource should be found in order to finance it without the National Bank.
In particular, last year the NBU financed 400 billion hryvnias, taking into account the fact that Ukraine received more than 30 billion dollars of external financial assistance. Therefore, a lot of work has been done to effectively attract and finance the state budget deficit.
However, Furman stressed that $38 billion is the minimum program. Ukraine needs to find a significant financial resource in order to restore the economy, destroyed infrastructure, in particular, housing for citizens who suffer from rocket attacks almost daily.
Is financial support expected from other countries
A member of the Council of the National Bank explained that 18 billion euros from the EU is indeed a significant amount, however, more finance is still needed.
Vasily Furman predicted that additional funds for Ukraine would be allocated soon.
“I really hope that in the first half of this year we will be able to sign the expanded financing program and receive a significant financial resource from the International Monetary Fund,” he commented.
Furman also expressed hope that other countries will join in support of Ukraine.
Credit for Ukraine from the EU: the main thing
- Budapest blocked the allocation of 18 billion euros to Ukraine. The representative of Hungary did not support this initiative. He made this statement in Brussels at a meeting of EU finance ministers.
- The EU ambassadors have decided to “postpone” 6.3 billion euros in aid to Hungary for several years. The reason was violations related to corruption in the country and the rule of law.
- On the night of December 13, 2022, the European Union unblocked an 18 billion euro assistance package to Ukraine. The decision was made in favor of Ukraine because Hungary abandoned its veto.
