Serhiy Marchenko
Serhiy Marchenko is a Ukrainian statesman who has served as Minister of Finance of Ukraine since March 2020. Before his appointment he held senior posts within the Ministry of Finance, including that of deputy minister. He oversees the drafting and execution of the state budget at a time of full-scale war and sharply increased defence spending.
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EU seeks additional partners to close Ukraine's 2027 financing gap
At IMF and G7 meetings in Bangkok, EU officials are recruiting additional partners to help cover Ukraine's 2027 financing shortfall. EU Economy Commissioner Valdis Dombrovskis said the EU's €45 billion pledge for 2027 will not be enough and that Brussels is approaching Norway, Switzerland, Canada, Japan and the United Kingdom to contribute the rest. German Vice Chancellor Lars Klingbeil also stressed Germany's continued support, while Ukrainian Prime Minister Serhiy Koretsky put the 2027 budget financing gap above $32.6 billion.
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Ukraine's finance minister tells Rada country is in liquidity crisis, blames $29.5bn shortfall in partner aid
Finance Minister Serhiy Marchenko told the Verkhovna Rada on 12 October that Ukraine's state budget has fallen roughly 50 billion hryvnia short of planned revenues over nine months of 2026, with 39 billion hryvnia in payments deferred to year's end and capital expenditures blocked. He attributed the squeeze to a $29.5 billion shortfall in expected partner support tied to delayed reforms under IMF, EU and World Bank programs. Marchenko said military pay and social programs remain fully funded, but the Rada must now pass dozens of reform-related bills to unlock the rest.
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Ukraine's finance minister says $29.5B needed for budget, $27B additional defense gap beyond EU loan
Ukraine's Finance Minister Serhiy Marchenko said the country needs $29.5 billion in non-military budget support from international partners by the end of 2026 and faces a separate $27 billion additional defense need beyond the EU's Ukraine Support Loan. His comments drew an implicit contrast with the European Commission's October 2 statement that there is no external financing gap for Ukraine this year.
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EU and Ukraine say 2026 budget and defence needs can be covered; Commission denies any financing gap
On 1 October 2026 the European Commission and Ukraine issued a joint statement saying they had identified the means to cover Ukraine's 2026 budget and defence needs and outlining the steps needed for timely disbursement. The next day Commission chief spokesperson Paula Pinho said the EU and Ukraine had jointly concluded there is no external financing gap for 2026, and the Commission disbursed a €2.9 billion tranche under the Ukraine Facility. The Financial Times reported that EU Commissioners formally declined Ukraine's request to front-load part of the 2027 loan, linking further payments to reforms.
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Ukraine asks EU to use frozen Russian assets to cover $78 billion 2027 financing gap
Ukraine's Finance Minister Serhiy Marchenko told a donor meeting in Brussels on 29 September that Ukraine needs roughly $78 billion (about €69 billion) in additional financing for 2027 and called on the European Union to use frozen Russian sovereign assets to cover the gap. EU officials and several member states received the request skeptically, with Belgium opposed to any new use of the assets and the European Commission insisting that the priority is disbursing the already agreed €90 billion loan, whose budget tranche is held up pending Ukrainian reforms.
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Proposal would shift frozen Russian assets from Euroclear and Clearstream to a new EU custodian
A proposal presented in Brussels by political commentator Hugo Dixon and co-authors would transfer frozen Russian Central Bank accounts from national depositaries — including Euroclear in Belgium and Clearstream in Luxembourg — onto the balance sheet of a special EU instrument acting as custodian. The mechanism, modelled on the post-Saddam transfer of Iraqi Central Bank accounts, is designed to shield depositaries and Belgium from Russian lawsuits while creating legal and financial groundwork for eventually using the assets in Ukraine's interests. Ukrainian Finance Minister Serhiy Marchenko has publicly backed revisiting the use of frozen Russian assets, citing an acute wartime budget deficit.
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IMF estimates Ukraine's financing gap at $54 billion through 2029 as donors meet in Brussels
On September 29, Ukraine's donors gathered in Brussels to accelerate talks on further financial assistance, as IMF estimates put Ukraine's financing gap at about $54 billion through 2029. EU member states remain divided on whether to use roughly €210 billion in frozen Russian central-bank assets or issue new common debt, while the European Commission and IMF tie further assistance to Ukraine's implementation of a reform plan.
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Ukraine suspends non-priority spending as PM warns of critical fiscal squeeze
Ukraine's Cabinet of Ministers approved a decision on 28 September prioritizing state expenditures toward defense, pensions, social payments and public-sector salaries, while suspending non-critical construction, reconstruction, capital repairs and beautification projects until the end of the war. Prime Minister Serhiy Koretsky said part of the pressure stems from delayed international financing, in part because Ukraine has not fulfilled some of its commitments to international partners. The government has identified about $7 billion through internal optimization against a reported $27 billion Ministry of Defense deficit.
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Zelensky tells IMF's Georgieva in New York that Fund will help Ukraine secure part of 2027 financing
President Volodymyr Zelensky met IMF Managing Director Kristalina Georgieva on the sidelines of the 81st UN General Assembly in New York on September 22, and said the IMF will help Ukraine find part of the funds needed for its financial stability in 2027. Zelensky told Georgieva that the Verkhovna Rada had already passed some of the legislation required by partners and that the remaining laws would be adopted by year's end.
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Ukraine receives $841 million from World Bank under Canadian guarantees for pension payments
Ukraine has received $841 million in financing from the World Bank under guarantees from the Canadian government, with the funds directed to reimbursing state budget pension expenditures. The transfer was raised under the PEACE in Ukraine project, whose total volume has now reached $54.3 billion. Prime Minister Serhiy Koretsky announced the funding via Telegram and thanked Canada and the World Bank for timely assistance amid a significant budget deficit.
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Ukrainian parliament approves in first reading VAT on foreign marketplace purchases
On 16 September, the Verkhovna Rada voted in first reading for a package of bills introducing VAT on goods bought through foreign marketplaces, regardless of value. 273 MPs backed the Tax Code amendment and 267 supported a separate customs bill. Finance Minister Serhiy Marchenko said the legislation is part of Ukraine's obligations to the IMF and the EU and warned that the country has already missed a €4 billion tranche, with an October tranche still contingent on passage.
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Ukraine's government submits 2027 draft budget to parliament: defense at 44% of GDP, $52.6 billion external financing required
Ukraine's Cabinet of Ministers approved and submitted the draft State Budget for 2027 to the Verkhovna Rada on September 15, 2026. The bill, registered as No. 16000, allocates 4 trillion 885 billion hryvnias (about 43.8–44% of GDP) to defense and security, projects total expenditures of 7 trillion 272 billion hryvnias, and identifies an external financing requirement of $52.6 billion, of which only $20 billion has been confirmed by partners.
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Ukraine tells EU it needs additional $27 billion by year-end, prompting surprise in Europe
President Volodymyr Zelenskyy told European partners that Ukraine needs an additional $27 billion by the end of 2026 to cover a defence budget gap. The request, which came during a European visit for Ukraine's Independence Day, surprised officials who had agreed to a $100 billion-plus EU loan earlier in the year. European officials are now examining the size, causes, and justification of the deficit, while Ukraine is also seeking help from the United Kingdom, Canada, and Japan and pressing for the use of frozen Russian sovereign assets held at Euroclear in Brussels.
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Ukraine's 2027 budget has $32.6 billion uncovered financing need, finance minister says
Ukraine's Finance Minister Serhiy Marchenko said the country's 2027 budget faces an uncovered financing need of $32.6 billion — the tightest budget situation since the start of the full-scale Russian invasion in 2022. He called on European partners to seek additional sources of financing and presented a new proposal to redistribute roughly $300 billion in frozen Russian assets across all 27 EU member states.