Ukraine is preparing to roll out its second wartime budget. Faced with an existential threat from one of the world’s largest military forces, the country has dramatically increased its military spending. As a result, every other hryvnia from the Ukrainian budget is now spent on defence.
But Ukraine is in a vulnerable position: the country is heavily reliant on external funding.
According to estimates by the Centre for Economic Strategy, the Kyiv-based think-tank where I work, Ukraine’s total funding needs for 2024 will amount to roughly £43.6bn – to cover its budget deficit and debt repayments.
