No money by the end of the year: The Ministry of Finance does not know how to finance the war

Despite the lack of funding for the war, the government continues to launch new social programs — grants for self-employed individuals, cashbacks, “School Student Packages,” and resilience centers. Meanwhile, about UAH 300 billion is still missing to fund the army by the end of the year.

This is what Economic Truthwrites about.

The reason is the two-component budget: the military sector is covered only from domestic revenues, while all Western aid (over $29 billion this year) is spent exclusively on “civilian” expenses – education, medicine, and the state apparatus.

In July, the Rada already increased defense spending by UAH 400 billion, but that wasn’t enough. The new deficit is a result of arms purchases after Trump’s election, massive payments to families of the dead, and high spending rates.

In particular, a one-time payment of UAH 15 million to the families of the deceased is being paid in installments — now over 80 months, instead of 40 as before. The authorities are also considering reducing this amount for soldiers who have been missing for a long time.

The Ministry of Finance is considering scenarios for urgent domestic financing – through bonds or spending cuts.

The government is negotiating with the EU to allow the use of part of the ERA Loans ($50 billion) for military needs.

If this happens, social programs will have to be cut — the army will become the priority.

Recall that the state budget of Ukraine for 2026 will be formed based on the scenario of the continuation of the war for the entire year.

As reported, Ukraine plans to attract about $65 billion in external financing for 2026–2027 . At the same time, almost two-thirds of this amount currently has no confirmed sources.

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