EU seeks to raise cash for Ukraine at IMF and G7 meetings, Dombrovskis says

EU Races to Raise Ukraine Funding at IMF, G7 Finance Meetings in Bangkok

EU Efforts and Challenges in Securing Ukraine's Financial Support

Current Funding Status and 2027 Gap

BANGKOK, Oct 14 (Reuters) - Ukraine faces a funding gap for 2027 and the European Union is trying to raise extra cash for the country at the meetings of the International Monetary Fund and G7 finance ministers this week in Bangkok, European Economic Commissioner Valdis Dombrovskis said. 

Ukraine's 2026 funding is already covered, with some €31 billion from the EU waiting for disbursement as soon as Kyiv votes through the agreed reforms.

Future Needs and International Contributions

But despite another €45 billion ($50 billion) already promised from the EU for 2027, Ukraine's needs will be much higher and the EU is scrambling to organise the cash from countries such as Norway, Switzerland, Canada, Japan or Britain.

Mobilizing Support at IMF and G7 Meetings

"This is one of the topics being discussed during the IMF and G7 meetings, where we are seeking to mobilise support from other partners," Dombrovskis told Reuters on the sidelines of the IMF meetings in Bangkok.

"From the beginning, we have emphasised that the European Union aims to cover roughly two-thirds of Ukraine's financing needs, and we would expect other partners to cover the remainder," he said.

Disbursement Strategies and Military Support

Front-loading EU Disbursements

To gain time for others to chip in, the EU plans to front-load the disbursement of the €45 billion it has for Ukraine next year, but the issue is complicated by the fact that the EU is still working out how much Ukraine will need next year. 

Military Support Gaps and NATO Contributions

"It is worth noting that there is a gap between what a number of NATO member states have pledged in military support for Ukraine and what has actually been delivered. Narrowing that gap would go a substantial way towards addressing Ukraine's military financing needs," Dombrovskis said.

Norway's Substantial Assistance

Dombrovskis singled out Norway as a positive example of substantial help. "Norway has pledged another €9 billion for next year. It provided a similar amount this year, which is a very substantial sum," he said.

Other Countries' Contributions

Asked if others were helping, but not enough, he said:

"To put it bluntly, yes."

Currency Exchange Rate

($1 = 0.8937 euros)

(Reporting by Jan Strupczewski; Editing by John Mair)