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European officials hope to secure new financial commitments from countries outside the European Union.
The European Union is pressuring international partners to provide Ukraine with additional funding due to growing needs amid tense fighting ahead of winter. Bloomberg reported this on Saturday, 19 September.
According to Kyiv's estimates, uncovered needs in 2027 could amount to at least $32 billion.
It is noted that this issue will be one of the main topics during European officials' talks with partners on the sidelines of the UN General Assembly in New York.
Earlier this year the European Union approved a loan package for Ukraine of €90 billion, or about $103 billion. The funds are planned for 2026 and 2027 years and are to be directed to both budget support and defense needs. Approximately €30 billion is earmarked for economic support, and another €60 billion for defense procurements.
However, due to additional military expenditures there is already a shortfall of about $27 billion. The International Monetary Fund and the European Commission are now assessing the size of Ukraine's financing gap for the coming year. Against this backdrop, Brussels is trying to attract other countries to provide additional funding, including the United Kingdom and Japan.
"When we proposed the loan to support Ukraine, the idea was that it should cover about two thirds of Ukraine's financing needs, and one third should be covered by other international partners," European Commissioner for Economy Valdis Dombrovskis said after the meeting of EU finance ministers in Dublin. Representatives from the United Kingdom, Switzerland, and Canada also joined the talks.
This topic will be one of the main items on the EU representatives' agenda during meetings with international partners in New York next week. The talks will take place on the sidelines of the UN General Assembly. European officials hope to secure new financial commitments from countries outside the European Union.
"Ukraine faces greater financing needs as Russia's aggression — if we're being blunt — is even intensifying. In a relatively short time we have the opportunity to close this gap," Dombrovskis said.
Ukraine's Finance Minister Serhiy Marchenko, who was also present at the meeting in Dublin, said that the country's uncovered needs for 2027 could be at least $32 billion. He added that the final amount is still being clarified together with international partners.
The publication notes that some EU member states have returned to the idea of using part of the frozen Russian assets totaling 210 billion euros, while others suggest that issuing additional joint debt obligations could be an acceptable solution.
Recall that the current budget crisis in Ukraine does not allow all necessary spending items to be financed. Money is available only for the most essential areas. President Volodymyr Zelensky acknowledged that Ukraine has a problem with a huge "hole" in the state budget. However, there are proposals to close the gap.
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