KYIV, Ukraine — The Ukrainian government has struggled to raise money on bond markets during the war and is paying investors more than it is collecting, according to a Central Bank statement that points to the country’s deepening dependence on foreign aid.
About a fifth of Ukraine’s territory is occupied by Russian forces. Pivotal sectors like steel manufacturing and agriculture have been directly damaged by the war. And with cruise missile volleys hitting cities throughout Ukraine, tremendous uncertainty looms over all of the country’s businesses.
The economy has been projected to shrink about 40 percent this year, drying up tax revenue and indefinitely delaying previously planned spending that would have spurred growth.
The Central Bank statement, published on Monday, pointed to a less visible side of Ukraine’s financing shortfalls cause by the war: an inability to raise money on the market. Since Russia invaded on Feb. 24,…
