Ukraine needs over $40 billion in foreign aid for 2026, prime minister says
Ukraine will require more than $40 billion in external financial support in 2026 to sustain its economy and war effort, Prime Minister Denys Shmyhal said on July 9.
“The key task should be to develop mechanisms and tools that will allow us to attract these funds,” Shmyhal wrote on Telegram.
The remarks come as Kyiv scrambles to secure long-term financing while preparing to co-host the Ukraine Recovery Conference in Rome on July 10–11.
Shmyhal noted that the government submitted budget amendments in late June to increase defense spending by nearly $10 billion, bringing the total for security and defense in 2025 to around $50 billion, or 26% of Ukraine’s GDP.
“This will help to effectively counter the enemy,” he said, adding that Ukraine’s record defense budget includes $16.4 billion earmarked for weapons procurement.
While the budget’s own revenues are projected at $48.5 billion, the government has already secured $22 billion in foreign financing for 2025.
His comments follow a July 8 Financial Times article citing a projected budget deficit of $8 billion to $19 billion for 2026, largely due to declining U.S. contributions and the ongoing war.
A senior EU official told the outlet that many donors had previously expected a peace deal in 2025, but are now forced to revise their funding plans as Russia continues its offensive and rejects calls for an unconditional ceasefire.
The Kyiv IndependentKollen Post