Ukraine is facing a funding shortfall for 2027, and the European Union is trying to raise additional funds for the country during meetings of the International Monetary Fund and finance ministers of the Group of Seven (G7), taking place this week in Bangkok. European Commissioner for Economy Valdis Dombrovskis said this, UNN reports, citing Reuters.
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The publication notes that funding for Ukraine’s needs in 2026 has already been secured: the EU is ready to allocate around €31 billion as soon as Kyiv adopts the agreed reforms.
However, despite the additional €45 billion ($50 billion) promised by the EU for 2027, Ukraine’s needs will be significantly higher, so the EU is making efforts to raise funds from countries such as Norway, Switzerland, Canada, Japan, and the United Kingdom.
"This is one of the issues being discussed during the IMF and G7 meetings, where we are trying to mobilize support from other partners," Dombrovskis told Reuters on the sidelines of the IMF meetings in Bangkok.
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"From the very beginning, we have emphasized that the European Union aims to cover approximately two-thirds of Ukraine’s financial needs, and we expect the rest to be covered by other partners," he said.
To buy time to secure contributions from other parties, the EU plans to accelerate the allocation of the €45 billion earmarked for Ukraine as early as next year; however, the situation is complicated by the fact that the EU is still determining the exact amount of funds Ukraine will need next year.
The EU insists on further reforms for new funding for Ukraine - FT03.10.26, 08:44
"It is worth noting that there is a gap between the amount of military support that a number of NATO member states have promised to provide to Ukraine and the assistance actually delivered. Closing this gap would significantly help address the financing of Ukraine’s military needs," Dombrovskis said.
Dombrovskis cited Norway as a positive example of providing substantial assistance. "Norway has pledged to allocate another €9 billion for next year. This year it provided the same amount, which is a very significant contribution," he said. When asked whether others were helping, but not enough, he replied: "Frankly speaking — yes."
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