INTERNATIONAL FINANCIAL AID FOR UKRAINE’S ECONOMIC GROWTH

Over the past decade, Ukraine has garnered substantial financial support from a range of international partners. The issue of international financial support for Ukraine’s economic growth has become more important amid ongoing geopolitical instability, Russia's full-scale invasion, and the country’s efforts toward European integration. Since 2022, Ukraine has experienced an unprecedented economic decline, along with massive infrastructure destruction, demographic changes, and increasing fiscal pressure. In this context, external financial sources are crucial not only for short-term stabilization but also for long-term recovery, structural reforms, and economic modernization. The topic is especially important considering Ukraine’s changing relationship with international financial institutions (IFIs) and bilateral donors. Multilateral cooperation with the IMF, World Bank, EBRD, and EU agencies has acted as a financial lifeline, helping the government fill critical budget gaps, maintain essential public services, and rebuild regions affected by war. Understanding the structure, conditions, and effects of these financial flows is crucial for developing effective public policies and ensuring the transparent targeted use of resources. The aim of the study is to examine the structure, dynamics, and relevance of international financial assistance to Ukraine's national economic priorities. Financial assistance is categorized into three main groups: multilateral institutions, bilateral donors, and private investors. Each contributes uniquely to Ukraine’s economic stabilization, reconstruction, and growth. The multilateral financial institutions, such as the IMF, the World Bank, the EBRD, and the European Investment Bank (EIB), play a leading role, focusing mainly on maintaining fiscal stability, rebuilding infrastructure, and implementing governance reforms. Analysis of publications and statistical data of the World Bank Group (WBG) [1-2] related to the volumes of financial aid for Ukraine shows that the World Bank's Development Policy Operations (DPOs) in 2024 have been instrumental in supporting Ukraine's economic reforms aimed at enhancing macro-financial stability. These operations focus on increasing Ukraine's GDP per capita to align with EU levels and strengthening economic self-reliance through policy measures in key sectors, including energy, agriculture, and customs. In parallel with multilateral funding, bilateral assistance plays a critical role in supporting Ukraine’s defense, recovery, and reform agendas. The spectrum of bilateral aid spans direct financial transfers, military-economic assistance, technical expertise, and humanitarian support. According to estimates for 2023-2024 [1, 3], the European Union and the United States were the largest bilateral donors, followed by the United Kingdom, Japan, Canada, and regional neighbors such as Hungary and Poland. Analysis of the structure of US financial assistance for the period 2019-2024 showed that the attraction of private investment, which is critical for long-term sustainable development, remains limited due to the persistence of security risks. The study concludes that in order to maximize the effectiveness of international financial support and accelerate the processes of post-war recovery and European integration, Ukraine needs to strengthen the alignment of external financing with regional development strategies and to develop public-private partnerships more actively.