INTERNATIONAL FINANCIAL SUPPORT FOR UKRAINE UNDER WARTIME CHALLENGES: SOURCES, INSTRUMENTS, AND DIRECTIONS OF USE

Анотація

The article examines the essence, sources, instruments, and directions of the use of international financial support for Ukraine under wartime challenges. It is substantiated that, under conditions of full-scale war, external financing has become one of the key factors in maintaining macrofinancial stability, ensuring the execution of the state budget, supporting defense capacity, and creating preconditions for post-war economic recovery. Particular attention is paid to the fact that international financial support should be considered not only as a temporary anti-crisis resource, but also as a strategic instrument for preserving fiscal balance, sustaining public finance resilience, and promoting the structural transformation of the national economy. The article identifies three main channels of international assistance to Ukraine, namely international financial institutions, partner countries, and non-governmental organizations, and reveals their functional role in the formation of a multi-level support system. The dynamics of defense and security expenditures within the structure of the state budget are analyzed, and it is shown that the growth of such expenditures has intensified Ukraine’s dependence on external financial inflows. The paper also assesses the ratio of projected international financial support in 2026–2028 to the nominal GDP of Ukraine, which makes it possible to determine the macroeconomic significance of external resources in the medium term. It is proved that even under the expected gradual decline in support volumes, international financial assistance will remain a critically important source of budget financing, social stability, and economic recovery. A further important conclusion is that the effectiveness of international financial support depends not only on its scale, but also on the transparency, coordination, and strategic targeting of its use in line with Ukraine’s defense, social, and recovery priorities. The results of the study may be used in further academic research, analytical assessments, and the practice of shaping state financial policy under wartime and post-war transformation conditions.

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