Ukraine Approves 2026 Budget With Record Deficit, Funding Path Unclear

Overview

• The Verkhovna Rada passed the 2026 state budget on December 3 with a deficit of about 1.9–2.0 trillion hryvnias, or roughly $45–47.5 billion.
• The plan relies on more than $45 billion in external support expected from the World Bank, the European Union, the United Kingdom, the IMF and G7 countries.
• Deputy Yuliya Klimenko said the government has no clear way to finance the gap and noted any reparations-linked loan would not arrive before July, suggesting early revisions.
• Former speaker Dmitry Razumkov warned funds could run short by February, including for military pay and armaments, and described an unfilled hole of about 1 trillion hryvnias.
• Opposition figure Viktor Medvedchuk argued the budget codifies economic failure and claimed Western aid is ebbing, underscoring highly critical political reactions.