Ukraine expects to receive $12-16B from Western partners by end of 2022

Ukraine expects to receive another $12 billion to $16 billion from its Western partners by the end of this year, the country's finance minister said on Monday.

In an interview with RBK-Ukraine, Serhiy Marchenko said Ukraine's external borrowing target since the beginning of the Russia-Ukraine war on Feb. 24 was at around $26 billion, adding that depending on the success of the negotiations the amount may go up to $30 billion.

"We have already received $14 billion and before the end of the year, we can get another $12 to $16 billion," he said.

Marchenko emphasized that the business sector in the country compared to the initial stage of the war is currently "more flexible and adaptable."

"Most of the business is trying to restore its production, sales and work," he said.

He underlined that the level of consumption in the war-torn country remained at a "fairly high level" despite the fact that from 5 to 9 million "potential consumers" have left Ukraine since the beginning of the war.

Marchenko admitted that the inflation rate is "quite high" compared to the pre-war period in Ukraine.

However, he said: "If we compare it with other countries - Europe, the US, where inflation is approaching 10%, then our inflation of 22.2% is not so critical."

"How do we live? Mainly due to proceeds from foreign aid and through taxes and internal loans," he said.