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Title : Who Will Cover Ukraine's $38 Billion Budget Deficit?
link : Who Will Cover Ukraine's $38 Billion Budget Deficit?

Who Will Cover Ukraine's $38 Billion Budget Deficit?

Ukraine's 2023 budget has a $38 billion gap. Who will help cover it?  

Euronews: Ukraine's 2023 budget has a $38 billion gap. Who will help cover it? 

Russia's war has ravaged Ukraine's public coffers, leaving the country with an ever-widening deficit that requires urgent foreign assistance to keep the economy afloat. 

The widespread havoc wreaked by Russian forces has triggered insolvency, brain drain, rising unemployment, soaring inflation and a drastic fall in exports, wiping away billions in revenue and tax income. 

An initial forecast by the World Bank that predicted a 35% contraction of Ukraine's GDP has worsened as a result of the Kremlin's continued attacks against key infrastructure. 

The country is now scrambling to find sources of revenues to sustain its 2023 budget, which includes a record-breaking deficit of $38 billion (€36.9 billion).  

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WNU Editor: This deficit projection was published before Russia started to attack Ukraine's electrical grid. I would not be surprised if the real budget deficit is tens of billions more. 

These funds have to be covered. They pay the salaries for government officials and military personnel. It covers the pensions and all other bills. 

Failure to cover these bills will mean that the Ukraine government will be forced to print money. This means inflation. Maybe even hyper-inflation. This is an economic nightmare that Kyiv must avoid at all cost.  

Update: It looks like this gap is not going to be covered by the EU .... EU ‘will find it hard to look Ukraine in the eye’ after breaking financial promise (Express).

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