On Monday, March 23, the Ministry of Finance of Ukraine and the World Bank held a meeting to review the results of the Targeted Fund Program for support, recovery, reconstruction, and reform of Ukraine (URTF) in 2025.
Deputy Minister of Finance Olga Zykova and the World Bank Regional Director for Eastern Europe, Bob Som, co-chaired the meeting.
Representatives of World Bank project teams and donor countries also participated, discussing achieved results, Ukraine’s financial needs, and priorities for continued cooperation.
The Deputy Minister thanked partners for their consistent support of Ukraine and emphasized that donor contributions through URTF represent not only financial assistance but also a demonstration of trust and solidarity, enabling the functioning of the state, restoration of critical infrastructure, and laying the foundation for Ukraine’s European future.
“Currently, the total external financing need for 2026–2029 is $136.5 billion, of which about $95 billion is required in the first two years. Recovery needs over the next decade are estimated at around $588 billion — nearly three times Ukraine’s GDP in 2025. Given the scale of these challenges, Ukraine, now in the fifth year of full-scale war, requires continued support from international partners and donors to ensure sustainable recovery and development,” Zykova said.
Despite the difficult wartime conditions, the URTF program has demonstrated significant results. Since its establishment in 2022, URTF has mobilized over $2.8 billion in donor contributions, of which $1.8 billion has already been allocated to the state budget.
According to the 2025 URTF activity report, the support provided through the Targeted Fund delivered over 48 million services in healthcare, education, housing, and government services. Key outcomes include:
- Nearly 12.8 million people received medical examinations, 689,000 people received mental health services, and 7.3 million vaccine doses were supplied for child immunization (HEAL project in healthcare).
- Electricity was restored for 3.5 million consumers, and heating was restored for 1.5 million residents through the delivery of critical equipment (RePoWER project in energy).
- Over 13 million people received social assistance payments on time (PEACE project supporting Ukraine’s public service capacity).
- Almost 139,000 households received compensation for war-damaged homes (HOPE project in housing).
- Over 87,000 agricultural producers received financial support, including loans and grants for 70,000 farmers, nearly half of whom are women (ARISE project in agriculture).
- Nearly 400,000 students received new textbooks for grades 7 and 8 in line with the “New Ukrainian School” standards, and 18,000 children in remote areas received free transportation (LEARN project in education).
An important feature of URTF’s activities in Ukraine is its multiplier effect: grant resources have already mobilized around $7.3 billion in additional financing, including funds from international financial institutions and the private sector.
The Deputy Minister emphasized that one of URTF’s key advantages is its flexibility, allowing rapid allocation of resources to the most critical needs, including the restoration of energy infrastructure, which was particularly important this past winter.
The meeting also focused on reforms supported by the World Bank, including the development of public investment management systems, the launch of a new Government Project Preparation Facility (PPF), and changes in healthcare and education, all contributing to bringing Ukraine closer to EU standards.
“URTF is a key instrument that links international support with national recovery priorities. Together, we are not only responding to the challenges of war but also laying the foundation for building a resilient, modern, and European Ukraine,” emphasized the Deputy Minister of Finance.
Zykova expressed gratitude to the World Bank and donor countries for their support and assured that the Ministry of Finance continues to work on ensuring the transparent and efficient use of donor and partner resources.
World Bank representatives, in turn, highlighted the effectiveness of project implementation in Ukraine and the high level of coordination with the Ukrainian government.
