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Ukrainian budget financing 2024

[I have been waiting for the final figures for December, but they are late, so I partially use November]

💰 What's budget financing in Ukraine?

It is how Ukraine found the money to cover the difference between revenues (taxes and tariffs) and expenses.

Ukraine in 2024 had to finance a budget deficit of 57,5 billion USD (United States Dollars), with a GDP of only around 180 USD: a massive deficit for Western standards (32% of GDP!)

How was the budget deficit financed?

Normally a country issues its own bonds to finance the deficit, and Ukraine did it: but only for 15 billion USD.

The remaining deficit was financed thanks to foreign assistance: the European Union provided 17 billion USD, the USA 8 billion , the IMF 5 billion, Japan 4 billion, and then others international partners, for a total of 41 billion USD, which is 23% of GDP (!).

Ukrainian budget financing 2024

How important had been foreign financial aid for Ukraine?

Considering the State budget of Ukraine for 2024 has been around 100 billion USD, foreign aid accounted for 41% of public expenses, while bond issuing for 15%, with only the remaining 44% paid by taxes and tariffs on Ukrainian goods and citizens.

elCelio 🇪🇺 🇺🇦

Ukrainian budget financing 2024

How was this money spent?

What it is notable is that the defense spending in Ukraine in 2024 had been approximately about the same amount collected from taxes on Ukrainian citizens and companies. This may not be a coincidence since most foreign aid came with the condition that it couldn’t be used for military purposes, while internal taxes can be spent on anything.

Ukrainian budget financing 2024

The result is that basically foreign financial aid paid for almost all the non-military spending of the Ukrainian government, becoming essential to the functioning of the Ukrainian civilian state: without foreing financial aid, the Ukrainian state would consist only of the Ukrainian military.