International Financial Sources for Ukraine’s Economic Development: National Priorities and Regional Opportunities in Transcarpathia

Abstract

The role of international financial sources in the development of Ukraine's economy has significantly increased against the background of Russia's full-scale invasion and the country's strategic course towards European integration. The article examines the structure, dynamics and relevance of international financial assistance to Ukraine's national economic priorities, and assesses the specifics of the use of these resources at the regional level, in particular in the Zakarpattia region. Based on the latest data on the activities of multilateral institutions, bilateral donors and private investment channels, the author reveals which economic development programmes were financed by external financing. It is emphasized that 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. Bilateral donors also provide a significant amount of assistance in the form of grants, concessional loans and technical support mechanisms, among which the European Union, the United States and Japan are the leading ones. The structure of US financial assistance for the period 2019-2024 is analyzed. It is stated that the attraction of private investment, which is critical for long-term sustainable development, remains limited due to the persistence of security risks. It has been established that in the structure of all external financial assistance to Ukraine in 2024, multilateral financial institutions provided 25-30% of all funding, bilateral donors - 65-70%, while private investment amounted to less than 5%.  The article examines the regional potential of Transcarpathia and the peculiarities of the region's participation in international financial support programmes. A parallel is drawn between national economic development priorities and regional initiatives. Despite the positive developments, problems remain, including limited administrative capacity at the local level, transparency issues, and insufficient attraction of private investment. The article 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.