In anticipation of potential challenges in financing state expenses during January and February 2024, Ukraine’s Ministry of Finance is set to activate internal resources in coordination with the National Bank to address the possible shortfall.

Finance Minister, Serhiy Marchenko, disclosed this strategy during a review of macroeconomic forecasts for 2024 by the Center for Economic Strategies, as reported by Interfax-Ukraine.

He highlighted the financial risks anticipated in January–February, emphasizing that the measures adopted by partners may not sufficiently cover the budgetary requirements for this period.

The Minister outlined the existence of a contingency plan, referred to as “Plan B,” designed to maximize available resources in the early months of the year. Strategies include the advance payment of dividends by state-owned enterprises and an increase in domestic market borrowings.


While Marchenko said that the situation is not yet critical, he emphasized the importance of relying on internal resources during this period.

Collaboration with the National Bank is ongoing to navigate the financial landscape effectively.

Looking ahead, Marchenko identified a potential risk for the following year: a potential increase in state budget spending for 2025, particularly in the defense sector. He acknowledged uncertainties about the effectiveness of fund utilization in this area.

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In 2023, Ukraine successfully attracted over $39 billion in external financing, with donor assistance expected to reach about $42.3 billion by year-end.

The European Union emerged as the largest donor of direct budget support in 2023, contributing €18 billion ($19.8 billion), covering over 45 percent of the external financing needs for the year.

On Dec. 21, the EU disbursed the final tranche of €1.5 billion ($1.65 billion) from the €18 billion macro-financial assistance program for 2023.

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