IMF staff and Ukrainian authorities have reached a staff-level agreement on the first review of the EFF. Additionally, Kyiv will gain access to approximately $690 million - subject to approval by the IMF Executive Board, UNN reports with reference to the IMF.
IMF staff and Ukrainian authorities have reached a staff-level agreement on the first review of the EFF. Subject to approval by the IMF Executive Board, Ukraine will have access to approximately $690 million (SDR 503 million), bringing the total disbursements under the program to $2.2 billion
Details
The National Bank confirmed that IMF representatives and Ukrainian authorities reached a Staff-Level Agreement (SLA) on the first review of the four-year Extended Fund Facility (EFF) program totaling $8.1 billion and concluded Article IV consultations with Ukraine. The relevant agreement is to be approved by the IMF Executive Board, which will consider it next month. Subject to the approval of the review results by the IMF Executive Board, Ukraine will receive access to financing in the amount of up to 503 million Special Drawing Rights (SDR) or $690 million in equivalent, which will increase the total volume of disbursements under the program to $2.2 billion.
The IMF notes in its release that the four-year EFF program for Ukraine serves as an anchor for the authorities' economic program amid exceptionally high uncertainty. All quantitative performance criteria and indicative targets for the end of March were met; however, progress on structural reforms has slowed. The staff-level agreement was reached after agreeing on corrective measures to address deviations, additional policy commitments, and a revised reform schedule.
Discussions within the Article IV consultations focused on measures aimed at stimulating sustainable post-war growth by creating a dynamic market economy. In particular, this refers to reforms designed to make the tax system more conducive to economic growth and measures to reduce the large shadow sector.
Thanks to prudent policies and large-scale external support, macroeconomic stability is generally maintained despite the continuation of Russia's full-scale war against Ukraine, as well as the consequences of the war in the Middle East. At the same time, the Fund expects GDP growth to slow to 1.0–1.6% in 2026 and notes exceptionally high risks due to the prolonged war, particularly due to attacks on energy and other critical infrastructure facilities.
In its statement, the IMF also positively assesses the actions of the National Bank of Ukraine in maintaining a sufficient level of international reserves, preserving financial stability, and stabilizing inflation expectations despite external shocks. The Fund notes that against the backdrop of supply-side shocks and the closing of the output gap, the NBU reasonably postponed the monetary policy easing cycle and adjusted its monetary communications toward tightening to keep inflation expectations under control.
The IMF also positively evaluates the gradual increase in exchange rate flexibility, which helps absorb external shocks, protect international reserves, and prevent the accumulation of external imbalances. The IMF emphasizes that foreign exchange liberalization should continue to be carried out in accordance with predefined conditions and be consistent with the overall objectives of monetary and exchange rate policy and ensuring external sustainability.
Separately, the Fund emphasized that the institutional independence of the National Bank must remain one of the key pillars for maintaining macro-financial stability.
The IMF notes that banks remain well-capitalized, liquid, and have high levels of reserves, and have been increasing credit supply since 2024 despite difficult conditions. Under the program, the authorities committed to reforms to improve Ukraine's position for attracting private investment in post-war reconstruction. In particular, this involves increasing the resilience of the financial sector, strengthening supervision and crisis management, as well as developing financial and capital market infrastructure in accordance with international standards.
The Fund emphasizes the need to implement fiscal policy taking into account financing constraints in line with restoring debt sustainability. To achieve this, it is necessary to avoid exceeding planned expenditures, be ready to mobilize additional domestic revenues, identify possible sources of savings to offset costs, and increase domestic financing volumes if necessary. Given the significant needs for financing defense and reconstruction in the medium term, Ukraine must continue working on increasing the efficiency of tax administration and improving tax policy to increase budget revenues.
Special attention within the program review is paid to measures to reduce the scale of the shadow economy. The Fund notes that de-shadowing remains the fairest and most effective way to attract necessary revenues to the budget while simultaneously promoting economic growth. Such reforms will also help level the playing field, improve the business environment, and Ukraine's position for successful competition in the EU single market. The IMF emphasizes that the implementation of this plan will require decisive action from the authorities to align legislative changes, implement administrative reforms, and resist vested interests.
The Fund also notes the importance of institutional changes in the Bureau of Economic Security and the State Customs Service to increase the effectiveness of the fight against tax evasion. The IMF also emphasizes the need to intensify reforms in the area of governance and anti-corruption. The importance of accelerating corporate governance reforms for state-owned enterprises and state-owned banks is noted. Further strengthening the role of supervisory boards, completing competitive appointments of management, increasing transparency and accountability, and addressing identified governance system deficiencies are important prerequisites for protecting state resources, restoring investor confidence, and attracting private capital for Ukraine's reconstruction.
I thank IMF Mission Chief Gavin Gray, his team, as well as the team of the Government of Ukraine for the joint difficult work. We have passed one of the stages and are waiting for the meeting of the IMF Executive Board. It is important not to stop. It is precisely consistency in decisions and the ability to work as a single team that allow us to move forward even in extremely difficult conditions
Reference
On February 26, 2026, the Executive Board of the International Monetary Fund approved a new four-year program for Ukraine under the Extended Fund Facility (EFF) in the amount of SDR 5.9 billion, which is approximately $8.1 billion.