EU and IMF Agree on Need to Help Ukraine Finance Budget and Defence Gap
International Support for Ukraine's Financial and Defence Needs
EU and IMF Recognize Ukraine's Budget and Defence Challenges
KYIV, Sept 25 (Reuters) - Ukrainian President Volodymyr Zelenskiy said on Friday that the European Union and the International Monetary Fund understood the importance of helping Kyiv finance its budget deficit and defence spending.
Rising Costs Amid Intensified Conflict
Ukraine is seeking an additional $27 billion from partners this year for defence, saying the cost of the war has risen as Ukraine and Russia intensify long-range drone and missile attacks on each other's military and economic assets, while continuing to fight along a 1,200-km (745-mile) front line.
Kyiv has asked to bring forward part of a loan from the European Union.
Urgent Need for Defence Investments
Zelenskiy said Ukraine needed to order drones in October and November or it will face challenges at the start of next year.
"Everyone understands that Ukraine cannot be alone, and that more investment is needed in Ukrainian-made drones and missiles," he told reporters in a WhatsApp briefing, adding that he had received a positive response from European Commission President Ursula von der Leyen.
Dependence on Foreign Aid for Social and Humanitarian Spending
Aside from defence, Ukraine also relies on foreign help to finance its social and humanitarian spending. It expects to need more than $52 billion in international financial aid next year.
IMF Mission and Future Financial Planning
Finance Minister Sergii Marchenko told reporters that an IMF mission for a second review of Ukraine's financing programme was expected in November and that Kyiv needed to have a plan in place by then how to fund next year's budget.
(Reporting by Olena Hamash and Pavel Polityuk. Editing by Daniel Flynn and Mark Potter)
