IMF emphasizes Ukraine’s substantial financial needs for 2024 while praising progress in reducing inflation

Ukraine will require financial assistance amounting to around $42 billion in 2024, including official donor support of roughly $32 billion, the International Monetary Fund’s (IMF) Communications Director Julie Kozack said in a Jan. 11 press briefing.

“Ukraine’s financing needs remain substantial for 2024,” said Kozack.

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“It is essential that Ukraine’s donors and partners ensure that their financial commitments are met, and that Ukraine receives the financing necessary to support macroeconomic stability in the country.”

While noting that the country’s financial situation was “subject to exceptionally high uncertainty,” she also praised Ukraine’s “remarkable resilience” and pointed out that Kyiv had made “substantial progress” in reducing inflation from nearly 27% in 2022 to 6% in 2023.

Read also: Ukraine’s challenging 2024 outlook

The IMF forecasted that Ukraine’s GDP growth for 2023 would be 4.5%. The Ukrainian government estimates that GDP growth will reach 4.6% in 2024 and 6.8% by 2025, the Cabinet of Ministers announced on Dec. 21.

Previously, the International Monetary Fund (IMF) considered the possibility of negative growth if Russia’s full-scale war against Ukraine continues through 2025. In that scenario, inflation would also be expected to increase.

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