JP Morgan Investor Seminar:

IMF/ World Bank Spring

Meetings 2023
Yuriy Butsa
Government Commissioner for
Public Debt Management

April 12, 2023

1
 State Budget Law 2023: key highlights

Key macroeconomic assumptions

2021A 2022F
A 2023F
Nominal GDP, UAHbn 5,460 4,728 6,279
Real GDP growth, % 3.4% (32.0%) 3.2%
CPI (eop), % (actual) 10.0% 26.0% 28.0%
Unemployment rate, % 9.9% 17.5% 18.7%
Trade balance, USDbn (actual) (2,671) (24,341) (15,293)

Key State budget indicators (UAHbn and % of GDP)

Tax revenues Expenditures Budget deficit (excl. grants)

20.3% 20.1% 19.0% 27.3% 57.2% 49.0% 3.7% 29.5% 20.6%

3,076
2,705

1,586 1,678
1,721
1,491 1,396
1,107 1,196
950
302 200

2021A 2022A 2023F 2021A 2022A 2023F 2021A 2022A 2023F

(Mar-23) (Mar-23) (Mar-23)
Security and defence expenditures

Source Ministry of Finance of Ukraine, State Treasury Service of Ukraine

2
 State Budget 2023: sources of financing

State Budget 2023: sources of financing (US$ bn)1

50.0

45.0

0.8 0.5 0.2 1.0 42.6

40.0
3.5 1.8
35.0
4.5 Grant of
30.0
10.9 Grant of US$ 0.2bn
US$ 0.5bn
25.0

20.0
19.5
15.0
Grants
10.0

5.0

EU US IMF Japan Canada World Bank UK Portugal To be identified Total funding needs
(2023)

u Ukraine’s budget financing needs are totaling US$ 42.6bn in 2023 and will be predominantly covered by the EU’s MFA package (US$ 19.5bn), grant
assistance from the US (US$ 10.9bn) the IMF (US$ 4.5bn) as well as Japan (US$ 3.5bn)

Note 1 As of 11.04.2023
Source Ministry of Finance of Ukraine
3
 Received budget financing in 2022

Received budget financing (general fund) in 2022 split by sources1

US$ m UAH m
NBU 12,477 400,000
USA 11,9902 409,147
EU 7,9613 280,806
Warbonds
Domestic bonds 7,692 250,771
IMF 2,693 88,181
Canada 1,889 60,503
Germany 1,584 4 47,855
World Bank 1,385 33,635
UK 1,076 5 35,109
EIB 720 21,062
Japan 581 17,006
France 437 13,558
3
Italy 330 11,199
Netherlands 318 5 11,003
Denmark 53 3 1,780
Sweden 49 6 1,438
Lithuania 22 5 761
Norway 22 2 629
5
Latvia 16 530
2
Austria 11 307
Belgium 5 2 182
Albania 12 37
2
Note 1 As of 30.12.2022 Iceland 0.5 14
Note 2 Grant
Note 3 Including grant of EUR 698m (EU), EUR 110m (Italy);
EUR 22m (Denmark)
Total 51,312 1,696,395
Note 4 Grant Including grant of EUR 1.2bn
Note 5 Guarantee, incl. grant of USD 128m (UK), EUR 80m loan (Netherlands),
EUR 11m grant (Lithuania); EUR 5m grant (Latvia)
Note 6 Guarantee IFIs Bilateral and grants Domestic government bonds 4
Source Ministry of Finance of Ukraine
 Received budget financing in 2023

Received budget financing (general fund) in 2023 split by sources1

US$ m UAH m
EU 4,851 177,397
Domestic
Warbonds
bonds 4,097 149,816
2
USA 3,500 127,990
IMF 2,706 98,972
Canada 1,757 64,235
UK 498 3 18,211
World Bank 163 5,968
2
Germany 52 1,883
2
Spain 50 1,832
2
Finland 21 779
2
Ireland 21 772
2
Switzerland 10 377
2
Belgium 3 113
2
Iceland 2 59
2
Estonia 0.1 2

Total 17,731 648,406

Note 1 As of 11.04.2023
Note 2 Grant
Note 3 Guarantee of USD 295m from the UK IFIs Bilateral and grants Domestic government bonds 5
Source Ministry of Finance of Ukraine