The fact that war-torn nations face a devastated economy is unfortunate, but hardly surprising. Ukraine has relied on external loans and grants since gaining independence in 1991. The country has frequently turned to international financial institutions like the International Monetary Fund (IMF), World Bank, and European Union for financial support, particularly during economic crises and conflicts.

Key periods of heavy reliance include:
· 1990s: After independence, Ukraine faced economic collapse and hyperinflation, leading to its first IMF loan in 1994.
· 2008–2009: The global financial crisis forced Ukraine to seek IMF assistance again.
· 2014–2015: After Russia’s annexation of Crimea and the Donbas conflict, Ukraine secured a $17.5 billion IMF bailout and additional EU and U.S. financial aid.
· 2022–Present: Following Russia’s full-scale invasion, Ukraine has depended heavily on Western financial aid, receiving tens of billions in grants and loans from the U.S., EU, IMF, and other allies to sustain its economy and military.

Presently, Ukraine is in a quandary between the need to stabilize its fronts and to secure the survival of the main components of the economy. An end to the war is nowhere in sight, although defining moments and decisions may occur as early as this year. The protagonists of this game operate outside of Ukraine. As one British diplomat has aptly noted: “Ukraine is not at the negotiation table, it is on the menu”.