Ukrainian President Volodymyr Zelensky has designated the next few days in New York as a week of diplomacy: within the framework of the UN General Assembly session, he will hold a number of meetings with diplomats, heads of state and government.
One of the most pressing issues is the deficit in the Ukrainian budget for next year, which exceeds 13 billion euros. “We are preparing new long-term measures for the financial stability of Ukraine“, Zelensky said. It is primarily about Russian assets. "These assets should be used to a greater extent to protect against Russian aggression and to rebuild our country," the public ARD quoted him as saying.
Kiev is financially dependent on its allies
Ukraine is dependent on its Western allies not only militarily, but also financially. The war led to a collapse of the economy and, accordingly, a drop in tax revenues. Now the United States is also largely withdrawing its support.
The bulk of Ukraine's budget goes to defending the country from Russian aggression. And it is becoming more expensive: the war costs more than 140 million euros - per day. But social spending, for example in the fields of education or healthcare, must also increase. Priority, by the way, is given to regions that are close to the front line. Safe protective premises in schools must be built and maintained there to ensure the conduct of the educational process and the operation of the schools, the German publication explains.
How to secure this money?
Hlib Wiszlinski from the Center for Economic Strategies believes that the missing 13 billion euros can be raised even without the US. In this regard, he recalls that pensions, as well as the salaries of teachers and medical specialists, are already low enough - state expenses that have so far been covered by Ukraine's Western partners. The financial expert sees no problem in the EU and other European countries such as Britain and Norway mobilizing an additional 0.1% of their gross domestic product to fill the gap left by the US.
In Ukraine, they have already understood that the US is no longer a reliable partner. Support from the Trump administration is just a bonus. But it is better not to rely on it, Wiszlinski assures. He relies on the responsibility of Europeans. Ultimately, it is in Europe's interest to protect Ukraine from bankruptcy, ARD also points out.