Burkovska Alla, Ph. D (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID: 0000-0003-4158-1721
e-mail: burkovskaya@mnau.edu.ua

Zayats Oleksandr, Applicant of Higher Education, Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolaiv, Ukraine

ORCID: 0009-0007-9423-0630
e-mail: sasha1029384@gmail.com

Tsurkan Oleg, Applicant of Higher Education, Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolaiv, Ukraine

ORCID: 0009-0000-8910-8023
e-mail: olegtsurkan09@gmail.com

International Lending to Ukraine During the War

Abstract. Introduction. The study examines international lending to Ukraine during the ongoing full-scale war and its impact on the country’s financial stability, banking sector, and economic recovery. 

It was found that international loans and investments contribute to technological modernization, infrastructure development, restoration of financial stability and formation of conditions for European integration. The structure of bank lending and investment priorities in the Black Sea regions, in particular in logistics, agro-industrial complex and energy, were analyzed, and trends towards the digitalization of credit platforms and the use of innovative financial instruments were identified.

The role of international financial institutions, including the International Monetary Fund (IMF), World Bank, and other global donors, is highlighted in providing crucial funding and guidance for macroeconomic stabilization and strategic sector support.

Purpose. The research aims to analyze the mechanisms, effectiveness, and outcomes of international credit programs implemented in Ukraine during wartime, as well as to evaluate their contribution to economic resilience, business development, and post-war reconstruction.

Results. It was established that cooperation with the IMF since 1992 encompasses funding, supervision, regulation, and advisory functions, with wartime lending representing an exceptional measure of state support. The analysis revealed that government programs, such as the «Available credits 5-7-9» loan initiative, effectively support small and medium-sized enterprises (SMEs) by providing interest rate compensation and state guarantees. Empirical data indicate a significant increase in business lending despite wartime conditions, reflecting the determination of Ukrainian entrepreneurs to sustain and expand economic activities. 

Sectoral studies demonstrated that foreign investment and credit flows are concentrated in logistics, agribusiness, and energy sectors, while innovative financial tools, digital platforms, and alternative credit assessment methods enhance the accessibility and efficiency of lending. International funding also facilitates technological modernization, infrastructure development, and the strengthening of financial resilience, contributing to Ukraine’s path toward European integration.

Conclusions. International lending plays a critical role in stabilizing Ukraine’s economy during the war, ensuring continuity of business operations, and supporting strategic industries. Future research prospects include optimizing international financing mechanisms, integrating Ukraine into the European financial system, and developing specialized credit programs for frontline regions. 

The findings underscore the strategic importance of combining state, private, and international financial resources to ensure sustainable economic recovery in post-war Ukraine.

An important direction of future scientific research is to study the effectiveness of the implementation of credit programs in the post-war period, assess their impact on sectoral development, employment, and innovative modernization of the economy. Focusing on these aspects will allow developing scientifically sound recommendations for optimizing the state’s credit policy and forming a sustainable model of economic growth in conditions of global instability.

Keywords: international lending, international financial organizations, IMF, banking sector, investments, economic recovery.

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