INTERNATIONAL FINANCIAL AID TO UKRAINE IN THE CONTEXT OF WAR: STRUCTURAL TRANSFORMATION

This article examines the characteristics of the transformation of international financial assistance to Ukraine amid a full-scale war, which has significantly altered the architecture of public finances and the mechanisms of external support. The focus is on analyzing the dynamics of volumes, structural changes, financing instruments, and the role of key international donors during the 2022–2025 period. It is argued that due to a sharp reduction in domestic budgetary resources and a simultaneous increase in defense and social expenditures, international financial assistance has become the main source of funding for Ukraine’s state budget deficit. The study found that the initial stage (2022) was characterized by a predominance of emergency credit mechanisms and rapid financing aimed at stabilizing the financial system and ensuring the state’s basic functions. Subsequently, there was a transition to a more structured and institutionalized model of external support, involving a combination of loans, grants, guarantees, and targeted programs from international financial organizations. Particular attention is paid to the role of IMF and European Union programs, which gradually became systemic in shaping the financial architecture of support for Ukraine. It was found that in 2024–2025, a further evolution of financing mechanisms took place, manifested in the introduction of long-term planning instruments, in particular EU macro-financial assistance programs and new financial initiatives. This indicates a shift toward a more comprehensive model of international support that combines elements of crisis-response financing and long-term economic recovery. The donor structure was analyzed separately, with the EU and the US playing a dominant role, accounting for the lion’s share of total financial commitments. This indicates a high concentration of external funding sources and the formation of Ukraine’s strategic dependence on a limited circle of partners, despite the gradual diversification of other international contributions. It is demonstrated that the current model of international financial assistance combines stabilization, fiscal, and transformation functions, as it not only compensates for the budget deficit but also serves as a tool for stimulating structural reforms and the post-war economic recovery of Ukraine.