NBU names amount Ukraine lacks: Figure shocks

Ukraine’s financing requirement is approximately $65 billion for 2026–2027, and for about two-thirds of this amount, confirmed sources of funding are still lacking.

This was stated by the First Deputy Governor of the NBU, Serhiy Nikolaychuk, in an interview with Interfax-Ukraine.

According to Nikolaychuk, overall, for the next two years, the National Bank projects a slightly higher need for external financing than the government — around $65 billion ($35 billion in 2026 and $30 billion in 2027).

“This figure does not include the reserve planned to be formed this year. According to our estimates, the amount of funds without confirmed sources of financing for 2026–2027 currently represents about two-thirds of this sum. There is a financing gap for next year and an even larger gap for 2027,” Nikolaychuk said.

The Deputy Governor of the NBU noted that the government’s and the National Bank’s views on financing needs are quite close. According to him, Finance Minister Serhiy Marchenko announced a gap of $37 billion for 2026–2027, which, to date, has not been covered by confirmed sources of financing.

“When (Finance Minister Serhiy Marchenko — ed.) speaks about the figure of $45 billion, he is referring specifically to the government’s external financing needs for next year, which will be covered, in part, by the reserve funds formed from international financing received this year and already confirmed sources of funding,” the First Deputy Governor of the NBU explained.