Brussels discusses Ukraine's 2026-2027 financing needs, exact figure still undetermined

On September 7, European Commission Executive Vice-President Valdis Dombrovskis held a video conference with Ukrainian Prime Minister Serhiy Koretsky. Afterward, European Commission spokesperson Balazs Ujvari said it remains too early to name a specific figure for Ukraine's financial needs in 2026-2027, with technical-level work on the estimate continuing.

Three key topics

Ujvari said the two officials discussed three matters: Ukraine's financial needs for 2026 and 2027, progress on reforms required to unlock funding under the EU's €90 billion lending programme, and preparation of Ukraine's 2027 financial strategy. To access funds under the €90 billion loan, Ukraine must prepare financial strategies for both 2026 and 2027 — the 2026 strategy has already been completed and approved.

Call for other partners to step up

The spokesperson said both sides agreed it was important for other international partners to increase support, whether in the budgetary or defence sphere, in addition to the EU's commitments. He cited Norway as an example, noting it recently pledged $9 billion to Ukraine for 2027.

At the same time, the Commission stressed that the specific volume of Ukraine's financial needs still has to be determined. First a clear picture of the budgetary situation is needed, after which possible solutions can be considered. Further discussions will take place in the coming days and weeks before a concrete figure can be set.

On Tuesday, Dombrovskis is also due to meet International Monetary Fund Managing Director Kristalina Georgieva to discuss the results of an IMF mission that worked in Ukraine last week. The EU's macro-financial assistance programme is closely linked to the IMF programme, with the shared goal of pushing Ukraine to advance reforms that strengthen its economic resilience.

As previously reported, the €90 billion assistance package will cover only two-thirds of Ukraine's needs in 2026-2027. Ukraine has not submitted a formal request for early disbursement in 2026 of the portion of the €90 billion loan earmarked for 2027, which would help cover a €27 billion defence budget shortfall this year. On August 24, the European Commission approved €6.1 billion in defence procurement for Ukraine under the €90 billion loan, and by the end of 2026 the EU is expected to have disbursed around €20 billion to Ukraine.