In order to pay the salaries of teachers, doctors and other state employees, Ukraine will need at least USD 37 billion of foreign aid next year. This was announced by the head of the National Bank of Ukraine (NBU), Andrii Pyshnyi, during the briefing.
According to the head of the financial regulator, next year, as well as this year, our country will not be able to cope with its budget expenditures on its own. After all, all the money collected by the budget goes to finance the Armed Forces of Ukraine. And the salaries of teachers, doctors and other state employees are paid at the expense of revenues from international partners.
"This year Ukraine has already received USD 27 billion at the expense of loans and international grants. This allowed the National Bank not to resort to the issue of hryvnias. In addition, by the end of June 2023, thanks to the receipts from international partners, the NBU managed to form a record reserve of currency reserves – UAH 39 billion. And by the end of this year, Ukraine should receive another USD 15 billion from the outside," Pyshnyi emphasized.
At the same time, it is no secret that the salaries of teachers, doctors and other state employees were financed precisely at the expense of these external revenues, since all money from tax collections to the Ukrainian budget goes to finance the needs of the Armed Forces of Ukraine.
Therefore, next year, Ukraine will also need the help of international partners. Andrii Pyshnyi calls the sum, at least, USD 37 billion. Moreover, even if the war ends next year, Ukraine will still not be able to solve its financial problems without foreign revenues. After all, the army still needs to be financed. And it is unlikely that the cost of its financing will decrease much. At the same time, Ukraine's export revenues will be much lower than its import costs. After all, after the war, the country will have to be rebuilt, and this will require a lot of money.
"Even after the end of active hostilities, high needs for external financing will remain due to limited export potential and a significant need for imports to rebuild the country. Ukraine needs to continue successful cooperation with the IMF and other international partners," says the head of the NBU.
Thus, the salaries of teachers, doctors and other state employees in 2024 will still be financed by external borrowing.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.