FT reveals how much Western funds Ukraine needs to cover the budget deficit
Ukraine will need nine billion dollars a month from the West to cover the budget deficit. This was reported by the Financial Times (FT).
“We will try to survive in any case, but without the financial support of our allies, it will not only be difficult, but practically impossible,” Oleg Ustenko, an adviser to President Volodymyr Zelensky, said.
The article says that Ukraine needs this amount to survive, since the cessation of grain and steel exports deprived Ukraine of its former foreign exchange earnings.
In addition, Kyiv is forced to burn its foreign exchange reserves at an accelerated rate, as the central bank purchases government bonds to cover the financing gap.
The US Treasury Department questioned the correctness of Kyiv’s actions in the economic sphere. The department noted that the emergency printing of money to support public finances may result in the inability to provide vital services to the population.
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