Survey of the tools of financial resilience support in the conditions of martial law in Ukraine (November-December, 2024)

In November–December 2024, Ukraine successfully addressed the unprecedented challenges posed by continuous large-scale attacks by the Russian Federation on civilian infrastructure. Through coordinated implementation of financial policy tools, the government maintained fiscal resilience and laid the groundwork for macro-financial stability in 2025. 

Key achievements: 

  1. Fiscal Policy: Adoption of the 2025 State Budget, submission of amendments to the Budget Code, and continued optimization of budget resource allocation; 

  2. Tax policy: Signing of tax amendments to ensure balanced budget revenues, increased excise tax rates, implementation of digital tax control solutions, and introduction of new customs regimes to support export operations; 

  3. Debt relief: Agreement on a €50 billion macro-financial assistance package from the EU, staff-level approval of the Sixth Review under the IMF EFF program, and expansion of external financing mechanisms, including military bonds; 

  4. Monetary Policy: Measures to sustain the stability of the hryvnia through a high-interest-rate policy, optimization of international reserves, and modernization of cashless payment systems.

 

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