KYIV: Ukraine‘s overseas change reserves grew 42% over the previous 12 months because of “unprecedented” overseas monetary assist, reaching 40.5 billion US {dollars} as of Jan. 1, the central financial institution mentioned on Friday.
Kyiv has relied closely on navy and monetary assist from its Western allies because the begin of Russia’s invasion in February 2022, however political wrangling has delayed the disbursement of main assist packages for this 12 months.
“Final 12 months, Ukraine obtained unprecedented international monetary assist. About 42.7 billion US {dollars} got here into the government‘s accounts on the Nationwide Financial institution of Ukraine,” it mentioned in a press release.
Authorities information reveals Ukraine has obtained greater than 73.5 billion US {dollars} in monetary assist because the begin of the war.
Final 12 months, the European Union was Ukraine’s largest monetary supporter and transferred about 19.7 billion US {dollars}, the central financial institution mentioned.
However because the battle has dragged on, issues have grown over the supply of Western assist this 12 months. New packages totalling greater than 110 billion US {dollars} for Ukraine have been delayed in the USA and the European Union.
Ukraine spends most of its home price range revenues on funding its military and defence. Western monetary assist is important for the Ukrainian authorities to have the ability to proceed financing its social and humanitarian spending and pay pensions and public sector wages.
Ukraine’s hryvnia foreign money has come beneath strain because of uncertainty over monetary assist.
The central financial institution bought 3.55 billion US {dollars} on the overseas change market in December to satisfy demand for arduous foreign money. The central financial institution mentioned seasonal elements, together with extra lively price range funds, have been additionally behind larger demand for arduous foreign money.
In December, the central financial institution’s overseas foreign money gross sales have been offset by the influx of Western assist. The central financial institution assertion mentioned Ukraine obtained over 5.5 billion US {dollars} from its Western allies in December.
That included 1.8 billion US {dollars} from the European Union and almost 2.5 billion US {dollars} from the governments of Japan, Norway and the USA by way of a World Financial institution belief fund.
Final month Ukraine additionally obtained about 900 million US {dollars} from the Worldwide Financial Fund, a part of a four-year program price 15.6 billion US {dollars}.
Kyiv has relied closely on navy and monetary assist from its Western allies because the begin of Russia’s invasion in February 2022, however political wrangling has delayed the disbursement of main assist packages for this 12 months.
“Final 12 months, Ukraine obtained unprecedented international monetary assist. About 42.7 billion US {dollars} got here into the government‘s accounts on the Nationwide Financial institution of Ukraine,” it mentioned in a press release.
Authorities information reveals Ukraine has obtained greater than 73.5 billion US {dollars} in monetary assist because the begin of the war.
Final 12 months, the European Union was Ukraine’s largest monetary supporter and transferred about 19.7 billion US {dollars}, the central financial institution mentioned.
However because the battle has dragged on, issues have grown over the supply of Western assist this 12 months. New packages totalling greater than 110 billion US {dollars} for Ukraine have been delayed in the USA and the European Union.
Ukraine spends most of its home price range revenues on funding its military and defence. Western monetary assist is important for the Ukrainian authorities to have the ability to proceed financing its social and humanitarian spending and pay pensions and public sector wages.
Ukraine’s hryvnia foreign money has come beneath strain because of uncertainty over monetary assist.
The central financial institution bought 3.55 billion US {dollars} on the overseas change market in December to satisfy demand for arduous foreign money. The central financial institution mentioned seasonal elements, together with extra lively price range funds, have been additionally behind larger demand for arduous foreign money.
In December, the central financial institution’s overseas foreign money gross sales have been offset by the influx of Western assist. The central financial institution assertion mentioned Ukraine obtained over 5.5 billion US {dollars} from its Western allies in December.
That included 1.8 billion US {dollars} from the European Union and almost 2.5 billion US {dollars} from the governments of Japan, Norway and the USA by way of a World Financial institution belief fund.
Final month Ukraine additionally obtained about 900 million US {dollars} from the Worldwide Financial Fund, a part of a four-year program price 15.6 billion US {dollars}.
