Ukraine is preparing a budget based on the continuation of the war throughout 2026

The Ministry of Finance of Ukraine is preparing the state budget for 2026 assuming that the war will last throughout the next year. This was stated by Minister Sergiy Marchenko at the presentation of the government's program on Monday.

"If there are positive results of the negotiations and there is an understanding by the end of the year that the war will end in a sustainable peace, then, of course, we will reconsider this approach, but at the moment we have to be pragmatic, and therefore we plan to continue hostilities for the whole of 2026," Marchenko said .

This scenario would mean that Ukraine would need to find $45 billion in external financing.

"At the moment, this need is not fully covered. We are negotiating with our key partners. These are the G7 countries and the European Union. And I think that together with the IMF, together with other key stakeholders, we will come up with an acceptable option on how to meet these needs," Marchenko said .

The minister expressed "cautious optimism" in this regard and added that the need for 2026 is now covered to a greater extent than it was in 2022 or 2023.

"So I think everything will be fine and we will cover all the needs for 2026 and 2027. And in 2028, as you have already heard, we will expect cooperation with the European Commission in the framework of the long-term budget," Marchenko said.

• According to the FT, the EU is considering three ways to cover Ukraine's budget deficit for 2026.