International Monetary Fund says Ukraine to require at least $39.5-bn external financing in 2023

Ukraine will require at least $39.5 billion in external financing in 2023 to keep its economy afloat, a media report said, citing a recent International Monetary Fund (IMF) projection.

"Staff analysis suggests that external fiscal financing needs would be at least 39.5 billion dollars in a central scenario," the IMF was quoted by Interfax-Ukraine news agency as saying, Xinhua news agency reported.

Under a pessimistic scenario, which envisages that Ukraine`s gross domestic product will decline by 12.5 per cent, the country`s foreign financing needs will be around 57 billion dollars, the IMF said.

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According to Ukrainian Finance Minister Serhiy Marchenko, external financing of Ukraine`s state budget is set to reach 30 billion dollars this year.

The Ukrainian economy, which was severely hit by the Russia-Ukraine conflict, is expected to shrink by between 32-35 per cent this year after a 3.4 per cent growth in 2021.