KIEV (Reuters) – Ukraine needs an additional $15 billion to cover its budget deficit in 2025, Prime Minister Denys Shmyhal said on Tuesday.
He said Ukraine estimates the total budget deficit for next year at about $35 billion, with plans to cover $20 billion. The Ukrainian government estimates the deficit will reach about $38 billion in 2024.
Shmyhal said the government plans to raise taxes and increase borrowing from the domestic debt market to raise additional funds for its war against Russia. Parliament is due to discuss the proposals in September.
As part of efforts to raise additional funds, the prime minister also pledged to work to reduce the parallel economy and boost tax revenues.
He added that Ukraine has received about $100 billion in financial support from its partners since the start of the full-scale Russian invasion in 2022.
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