$52 billion of support in a war year: how external funds allowed Ukraine to close social spending in 2025
30 December 15:27
In 2025, Ukraine attracted $52.4 billion in external financing, which made it possible to fully finance social and humanitarian expenditures of the state budget. This was reported by the Ministry of Finance, "Komersant Ukrainian" reports.
The ministry emphasizes that international assistance covered the social block, while domestic resources were directed to the security and defense sector.
Who provided the funds
The largest share of support came from the G7 countries under the ERA Loans mechanism:
- $37.9 billion – ERA Loans (conditional debt obligations);
- $12.1 billion – EU, Ukraine Facility (including $668 million in grants);
- $912 million – IMF (loans);
- 733 million – World Bank (loans);
- $453 million – Japan (loans);
- $232 million – the Council of Europe Development Bank (loans).
According to the Ministry of Finance, more than 70% of budget support in 2025 came from ERA Loans, which are repaid from the proceeds of Russia’s frozen assets. The total amount of this instrument is $50 billion for 2025-2026.
The role of the European Union
The EU remains the largest donor of financial assistance. In 2025, Ukraine received $12.1 billion under the Ukraine Facility, of which $668 million were non-refundable grants.
The Ministry of Finance notes that the European Union has already transferred its part in full – €18.1 billion, and the rest of the funds are planned to be raised in 2026 to finance social needs for the next year.
Cooperation with the IMF
In 2025, Ukraine successfully passed two revisions of the Extended Fund Facility program, which allowed it to attract $912 million. In total, $10.6 billion has already been received under the current program.
In addition, Ukraine and the IMF have reached an expert agreement on a new EFF program for 2026-2029, which provides for financing of $8.1 billion (SDR 5.94 billion). It is planned to be submitted to the IMF Executive Board for approval in 2026.
Where the money went
The World Bank’s funds were allocated to projects in the areas of health, education, private sector support, and public finance.
Separately, Japan provided $453 million under three World Bank projects:
- DRIVE – $190 million to restore road infrastructure and bridges;
- SURGE – $183 million to modernize the public investment management system;
- RISE – $80 million to support private sector resilience and development.
The Council of Europe Development Bank financed payments for internally displaced persons, including housing, food, medical care, and children’s education.
According to the Ministry of Finance, since the beginning of the full-scale war, international partners have provided almost $168 billion in budget support to Ukraine. This has become a key factor in maintaining social benefits and the functioning of the state in the war, provided that the main financial burden of defense is borne by the domestic budget.
