Ukraine’s next IMF tranche under threat – Pidlasa names the reasons

Ukraine may receive around $1.66 billion in budget financing from the International Monetary Fund by the end of the year, but the next tranche is currently at risk due to insufficient progress in fulfilling a number of commitments, including the adoption of the necessary draft laws. This was reported on September 2 by Roksolana Pidlasa, chair of the Verkhovna Rada Budget Committee, following a meeting with the IMF mission in Kyiv, according to UNN.

Details

According to Pidlasa, one of the main topics discussed during the meeting with representatives of the IMF mission was Ukraine’s fulfillment of the conditions necessary to receive the next tranche.

"Yesterday, at a meeting with the IMF mission in Kyiv, the main topic of discussion was that receiving the next tranche is at risk. In particular, we have made insufficient progress regarding the adoption of draft laws," Pidlasa reported.

Among the steps necessary to receive the financing is the signing of the already adopted Draft Law No. 15111-d on the taxation of digital platforms. According to the lawmaker, one of the main obstacles to this is currently an amendment concerning politically exposed persons (PEPs). Pidlasa noted that this provision could jeopardize Ukraine’s financing from the European Union.

In addition, Parliament must adopt Draft Law No. 15112-d, accompanying the changes to the taxation of international parcels.

Pidlasa also cited amendments to legislation concerning the independence of the National Commission for State Regulation of Energy and Public Utilities, as well as improvements to the procedures for appointing its members, among the necessary decisions.

Another commitment is the appointment of new members of the Accounting Chamber.

"This is the next separate step after the creation of the selection commission, which Parliament did not support yesterday," Pidlasa noted.

In addition to parliamentary decisions, the government must also submit three more draft laws to the Verkhovna Rada. According to the lawmaker, their adoption by the end of the current year is not a mandatory condition, but the documents themselves must be submitted to Parliament.

The remaining structural benchmarks under the IMF program involve decisions by the Cabinet of Ministers or individual state bodies.

The chair of the parliamentary Budget Committee  also emphasized that fulfilling the conditions of the IMF program is important not only for directly receiving funds from the Fund.

"When we talk about the next IMF tranche, we are not talking only about $1.66 billion in budget financing, because fulfilling the cooperation program with the IMF remains a condition for receiving assistance from the European Union," Pidlasa emphasized.

Context

Ukraine continues to implement its cooperation program with the International Monetary Fund, on which not only direct financing from the IMF depends, but also part of the macro-financial assistance from other international partners, in particular the European Union.

To pass the next review of the program, Ukraine must fulfill the agreed structural benchmarks and other commitments. Some of them require decisions by the Verkhovna Rada, the government, or individual state bodies. Failure to meet these conditions within the established deadlines may delay subsequent disbursements and affect the amount of external financing for the state budget.

Reminder

At the beginning of June 2026, the IMF and Ukraine reached a staff-level agreement on the review of the EFF program and a $690 million tranche.