Kyiv’s Budget Options Narrow After Political Paralysis Hits Western Aid

Policymakers in Kyiv are trying to work out how they can fund Ukraine’s war effort if its allies fail to come through with promised aid. The options are fraught with risk.

The financial toolkit includes raising tax revenue, an obvious challenge in a battered economy, or cutting spending for an already beleaguered public. Monetary-policy options are devaluing the Ukrainian currency or returning to the central bank’s taps, a move Finance Minister Serhiy Marchenko told Bloomberg would have “negative consequences.”