Ukraine is burning through money fast. The invasion by Russia has been costly for the country. According to the International Monetary Fund, Ukraine’s GDP could shrink by 35% as a result of the war. The country’s international grain exports have been severely hampered, with a recent deal to restart exports likely to move only some of its current stocks. The country shipped US$27.8 billion (£22.6 billion) in agricultural products to other countries last year, or 41% of its total exports.
It is not surprising then that the country’s public finances are in distress. Ukraine’s ministry of finance has estimated its public sector deficit increased from US$2 billion in March 2022 to as much as US$7 billion by May.
