In London, United Kingdom, Deputy Minister of Finance Olga Zykova spoke at the Global Borrowers & Bond Investors Forum. She participated in a panel discussion dedicated to scenarios for peace and the recovery of Ukraine.
The Global Borrowers & Bond Investors Forum is one of the largest and most influential events in the global high-grade debt capital markets. The annual forum serves as a platform that brings together over 900 of the most influential issuers (borrowers) and investors, as well as representatives of leading global investment banks.
During her panel participation, Olga Zykova discussed the state of Ukraine’s economy amid the full-scale war, budget needs for 2026, and the implementation of recovery efforts.
“Despite all the challenges of war, the Government of Ukraine continues to take necessary measures to support economic recovery and maintain financial stability. According to forecasts, GDP growth in 2025 will be 2.7%. The government also aims to reduce the budget deficit from 24% of GDP in 2024 to 19.4% in 2025. The external financing requirement for 2025 amounts to $39.3 billion.”
Since February 2022, Ukraine has mobilized over $135 billion in support from international partners. At the same time, in the first five months of this year, domestic budget revenues exceeded the plan by $1 billion.
The Deputy Minister of Finance noted that risks to the financial system remain—and preparation must begin today.
“As long as the war continues, it is vital to maintain close international cooperation and coordination. Ukraine needs financial support to ensure the resilience of its budget system. At the same time, even after the end of hostilities, partner support will remain critically important—for economic growth, country recovery, and maintaining financial stability. Budget expenditures will not decrease in the post-war period,” emphasized Olga Zykova.
After the massive destruction caused by Russia’s full-scale invasion, Ukraine faces an unprecedented task—to rebuild the country, ensure decent living conditions for its citizens, and modernize critical infrastructure.
According to the results of the Fourth Rapid Damage and Needs Assessment (RDNA4), the total needs for the ten-year period, as of the end of 2024, are estimated at nearly $524 billion. This is approximately 2.8 times the projected nominal GDP of Ukraine for 2024.
Already in 2025, $17.3 billion is required for priority recovery needs, of which $7.4 billion has been covered by the state budget and international partner assistance. The main areas requiring urgent financing include the housing sector, energy, critical and social infrastructure, transport, and social protection.
“The Ministry of Finance continues active dialogue with international financial institutions to expand support volumes. At the same time, we are working on improving the public investment management system so that every dollar of international aid is used effectively. This will also foster greater trust from our partners,” said the Deputy Minister of Finance.
Additionally, the Government is consistently working to create conditions for broader private sector participation in the recovery process. Reforms and new financial instruments are being implemented for this purpose.
