(Kyiv) Ukraine needs $37 billion in Western financial aid to keep its economy afloat in the face of a Russian invasion that has continued for almost two years, its Prime Minister Denys Chmygal said on Wednesday as the country fears the erosion of Western support.

The country received $42.6 billion in external financing last year, 27 percent of which was grants, Chmygal said, citing the EU, the United States, Japan, Canada, the United Kingdom, the IMF and the World Bank as the main economic supporters of Kyiv.

“This year’s needs total more than $37 billion. We are counting on regular, stable and timely assistance from our partners,” said Mr. Chmygal during his government’s first meeting in 2024 taking place against a backdrop of intensifying Russian strikes in recent days.

He assured that Ukraine is simultaneously increasing its budget revenues while almost half of its expenditure – 43.9 billion euros, or around 22% of the national GDP – will be devoted to Defense and security, according to the 2024 Budget Law adopted by the Rada, the Ukrainian Parliament, last November.

In 2023, Ukrainian authorities had indicated that they would need $41 billion in external financing from its allies and international organizations to keep its economy running.

New Western aid pledges to Ukraine have slowed sharply amid political dissension in Europe and the United States, falling to their lowest level since the Russian invasion began in early 2022, l German research institute Kiel Institute.

“The outlook is uncertain […] since the largest pending commitment – ​​from the European Union – has not been approved and aid from the United States is declining,” details the institute, which tracks military, financial and humanitarian aid promised and delivered to Ukraine since the Russian invasion began on February 24, 2022.

An envelope of 50 billion euros planned to consolidate European support for Ukraine is blocked at least until the next EU summit scheduled for the beginning of February. The new American envelope is blocked at this stage in the American Congress by the reluctance of Republican elected officials.

In total, since the start of the Russian invasion, Ukraine’s allies and major international organizations (World Bank, IMF, etc.) have promised it nearly 255 billion euros in aid, including 182 billion in the short term. (already delivered or planned within a year).

These commitments include 141 billion euros in financial aid, almost 16 billion in humanitarian aid and 98 billion in military aid.