ANALYSIS OF THE IMPACT OF INTERNATIONAL ASSISTANCE ON THE RESOURCE BASE OF THE STATE BUDGET OF UKRAINE
Abstract
The article analyses the scale, structure and dynamics of international financial assistance received by Ukraine in 2014-2024, with a focus on its importance for ensuring macrofinancial stability under martial law. The paper summarises the findings of Ukrainian researchers on the impact of foreign aid on the economic sustainability of the state and outlines the current challenges faced by Ukraine in the field of international cooperation. The emphasis is placed on the need for a systematic approach to monitoring and strategic planning to attract international support in the context of long-term post-war reconstruction. The features of international financial assistance to Ukraine in the period of 2022-2024 are studied, taking into account its dynamics, structural changes and fiscal significance in the context of war. The author classifies the main types of international financial assistance and analyses examples of its implementation by various donors. In particular, the emphasis is placed on the growing share of loans and guarantees compared to grants, which creates risks for the future budgetary and debt sustainability of the state. It is emphasised that the IMF's macroeconomic forecasts indicate that the deep budget deficit will remain in the medium term, especially without taking into account grants. This indicates the country's continued dependence on external financing to maintain budgetary balance and perform socially important functions. It is concluded that international assistance is strategically important not only for meeting the state's current needs in times of war but also for its post-war recovery and long-term development. The authors emphasise the need to move from emergency aid to comprehensive sustainable development programmes, as well as to establish coordination mechanisms between donors for effective resource management. In the medium term, it is important to gradually replace grant revenues with investment support mechanisms, which will reduce debt pressure, increase financial independence and strengthen Ukraine's economic security on the path to European integration.
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