Editor's note: this story was translated from the original VOA Ukrainian article.
More than 40 leaders of European countries gathered in Ireland for a summit Thursday, with discussions centering around European security and the need to support Ukraine amid increased attacks by Russia on its infrastructure and businesses.
Funding for Ukraine was a top issue in Europe in the run up to the two-day European Pollical Community and the informal European Council summit. German Chancellor Friedrich Merz urged the European Union to find the money to meet request from President Volodymyr Zelenskyy of Ukraine for an additional $77 billion for the next year.
In his letter to European Council President António Costa, earlier this week, Merz called the new aid an "essential prerequisite" for approving the next EU budget. The content of the letter was first reported by the Financial Times.
The leaders of Slovakia, the Czech Republic, Hungary and Bulgaria have already voiced their opposition to linking approval of the EU’s budget to any new funding for Ukraine, which may delay the approval of the money.
Following the meeting with Zelenskyy on Thursday, European Commission President Ursula von der Leyen assured the Ukrainian leader of the EU's support, covering immediate survival this winter and funds needed through 2027. She announced the European Council will review the Commission's proposal for Ukraine's financing needs by the end of the month.
To alleviate immediate financial pressure, Ukraine hopes to obtain $1.67 billion in fresh funding from the International Monetary Fund by the end of the year. IMF's Director of the Communications Department, Julie Kozack told reporters on October 29 that the money will be released once the IMF completes assessment of its program in Ukraine. The IMF has started the review of the program for Ukraine on Monday.
The U.S., as the most powerful member of the IMF, supports the current Fund's program for Ukraine, Treasury Secretary Scott Bessent announced earlier this year (in April) when met he with Ukrainian Prime Minister Yulia Svyrydenko.
"Secretary Bessent underscored President Trump’s efforts for a lasting peace for Ukraine, and highlighted the United States’ support for Ukraine’s new IMF program and for the progress that Ukraine has made on its reforms," a Treasury Department statement said.
An analyst told VOA staying on track with the IMF program is an important anchor for Ukraine to secure support from other international partners.
“There are other partners who support us much more,” Yuliya Markuts, head of the Center for Public Finance and Governance at the Kyiv School of Economics, said. “But the IMF is an anchor that demonstrates to our partners that Ukraine is indeed a country they can work with, they can trust and treat as a reliable partner. Therefore, Ukraine is very much dependent on having an IMF program.”
Over the past several months, Ukraine's parliament has approved several laws envisaged by the program. Markuts says she is “cautiously optimistic” that Ukraine will obtain the favorable review from the IMF.
If Ukraine does not get the fresh funding, the situation could be dire, said Markuts, as Ukraine has virtually no room to cut spending.
“This is actually a very difficult situation. Because shelling is taking place constantly. There are ongoing problems with critical infrastructure, particularly energy infrastructure,” Markuts said. “We have to provide the people living in this country with heating, water, electricity, and so on.”
Markuts stated that Ukraine's current investment is geared towards endurance and providing basic services to its people through the war.
Timothy Ash, chief strategist of BlueBay Asset Management, believes that the IMF supports maintaining the program.
“But the IMF operates in a certain way - the program has to be sustainable," he told VOA. He highlighted that this would require financing assurances from Ukraine’s allies “that those gaps will be met."
Ash says he is confident that Ukraine will be able to secure funding from European partners, despite the opposition from some EU members.
“The big economies in Europe totally get it. Europe has figured out that Ukraine is central to its security in its long-term defense," he said. "Europe needs time to build autonomous defense capability, and the longer Ukraine survives in this war, the longer Europe has to build that autonomous defense capability. So, Europe has an interest now in helping Ukraine defend itself and Europe,” he adds.