Ukrainian President Volodymyr Zelensky said that Kiev's current defense capabilities are still not sufficient, and called on European and US allies to continue to provide weapons and financial aid.
In an article on Telegram, Mr. Zelensky said that Ukraine is particularly short of money "for weapons production and most importantly UAVs (unmanned aerial vehicles)". "We need to be strong at the negotiating table. To be strong, we need the support of the world - Europe and the United States" - the Ukrainian leader wrote.
Meanwhile, Mr. Mikhail Podoliak - senior advisor to President Zelensky - said that Ukraine also does not have enough resources to organize elections on its own due to budget deficits, emphasizing that Kiev needs to prioritize "militarization" efforts instead. Mr. Podoliak even once said that elections can only take place if the West pays the costs.
The call for additional funding was made in the context that the European Union (EU) has just approved a loan of 90 billion euros (105 billion USD) for Kiev in the period 2026-2027, with interest expenses that European taxpayers have to bear about 3 billion euros (3.5 billion USD) per year.
This is the result of the EU summit held on December 18-19. However, the bloc did not reach a consensus on the use of blocked Russian assets to support Ukraine, due to strong opposition from some member states on the grounds of excessive legal risks. Most notably, Belgium - the country holding most of these assets.
To date, the loan worth 105 billion USD is said to have not yet solved Kiev's financial problem.
The International Monetary Fund (IMF) estimates that Ukraine will need about 160 billion USD for the two years 2026 and 2027 alone. In 2026 alone, the Ukrainian Parliament approved a budget deficit of about 45 billion USD, equivalent to 18.5% of GDP. Not stopping there, systemic corruption also makes Ukraine's financial difficulties worse.
