This was reported by the Ministry of Finance of Ukraine on December 30. More than 70% of all funds received came from proceeds generated by frozen Russian assets. According to analysts at Forbes Ukraine, total external financing in 2025 amounted to about 24% of GDP—roughly in line with the 2023 level.
International support in 2025 made it possible to fully finance the state’s social and humanitarian expenditures, including pension payments, wages—particularly in education and healthcare—social protection programs, and humanitarian initiatives. All domestic financial resources were simultaneously directed to the security and defense sector.
The largest source of funding came from G7 mechanisms under the ERA Loans program, which provided $37.9 billion in 2025. These funds are structured as contingent debt obligations to be repaid from proceeds generated by frozen Russian assets. The total size of the ERA Loans program is projected at $50 billion for 2025–2026. The European Union has already transferred its full share of €18.1 billion, while the remaining funds are expected to be raised in 2026.
Under the Ukraine Facility financial instrument, Ukraine received $12.1 billion from the EU, including $11.5 billion in loans and $668 million in grants. The EU remains the largest donor of budgetary support to Ukraine.
In 2025, Ukraine also attracted $912 million from the International Monetary Fund under the Extended Fund Facility following two successful reviews. Total disbursements under this program reached $10.6 billion. In addition, Ukraine and the IMF reached a staff-level agreement to launch a new EFF program for 2026–2029 totaling $8.1 billion, which is expected to be submitted for approval to the IMF Executive Board in 2026.
In 2025, the World Bank provided Ukraine with $733 million for projects in healthcare, education, private-sector support, and public finance management. Within these programs, Japan allocated $453 million for three projects, including enhancing the resilience of road infrastructure and bridge reconstruction, establishing a modern public investment management system, and supporting the resilience and development of the private sector.
From the Council of Europe Development Bank, Ukraine received $232 million to ensure the uninterrupted financing of payments to internally displaced persons, covering housing, food, healthcare, and children’s education.
Overall, since the start of the full-scale war, international partners have provided Ukraine with nearly $168 billion in budgetary support.
For 2026, Ukraine already has confirmed external financing of $35 billion against total needs of $45 billion. Funds from the United States approved during the presidency of Joe Biden—particularly under the ERA program financed by frozen Russian assets—are still being disbursed, but this resource will be insufficient in 2026.
The Ministry of Finance estimates additional financing needs for next year at $10 billion, while the National Bank of Ukraine cites a higher figure of $12.7 billion. According to the NBU, Ukraine could receive about $65 billion in external financial assistance in 2026–2027, taking into account intensified hostilities; however, $41.7 billion of this amount currently lacks confirmed funding sources. In September, the IMF also warned that Ukraine’s actual financial needs over the next two years could be approximately $20 billion higher than current government estimates.
