Ukraine is struggling to secure war funding from key donor countries as they turn their focus on upcoming internal elections and the Israel-Hamas war, according to Ukraine’s Finance Minister.
“I see a lot of tiredness, I see a lot of weakness among our partners, they would like to forget about the war but the war is still ongoing, full-scale,” Finance Minister Serhiy Marchenko told Reuters in an interview on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) in Marrakech, Morocco.
Ukraine was mustering “twice the effort right now to convince our partners to provide us with support compared to the last annual meetings” held in April, Marchenko added. He cited upcoming elections in the U.S. and the EU and the “geopolitical shift” of the Israel-Hamas war as possible reasons for perceived jaded support for Ukraine.
Ukraine was seeking €18 billion ($18.9 billion) from the EU for 2024, having obtained the same amount from the EU this year, while the IMF has pledged $5.4 billion, Marchenko said in the interview. The EU is reportedly putting together a €50 billion ($52.6 billion) Ukraine package for 2024 through 2027. Ukraine has also been raising funds internally but is awaiting commitments from the U.S. and other allies, particularly for 2024.
Ukraine is concerned about securing financial support from key donor countries as their focus shifts towards upcoming elections and escalating geopolitical tensions, Finance Minister Serhiy Marchenko says
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The U.S. has assisted Ukraine with more than $43.9 billion since Russia’s February 2022 invasion of Ukraine, the Department of State said Wednesday. This reportedly makes the U.S. Ukraine’s biggest donor. (RELATED: ‘FrankenSAM’: US Scrambles To Send Improvised Air Defense System To Ukraine Amid Funding Uncertainty)
Ukraine, however, faces a $43 billion budget gap in 2024 as the war drags on, Reuters reported. Efforts to recover frozen Russian state assets, which Marchenko welcomed, have reportedly been mired in legal concerns.
Ukraine is considering talks with private creditors as well but did not give a timeline for the talks, per Reuters.
Meanwhile, Russia has reportedly launched a new offensive in the Donbas, shelling the eastern Ukrainian town of Avdiivka for five successive days and hobbling rescue efforts.