International Monetary Fund

Ukraine announced a successful restructuring of GDP warrants worth $2. 6 billion, which will avoid significant payments in the post-war period. This transaction will strengthen debt sustainability and increase the country's budget predictability.

The Ministry of Finance of Ukraine has published a draft law on the introduction of VAT for individual entrepreneurs from 2027, which is intended to improve VAT administration for single tax payers. The changes envisage a reduction of the single tax rate from 5% to 3% for the 3rd group of individual entrepreneurs who reach the limit of UAH 1 million, and mandatory registration as a VAT payer.

China's economic growth slowed in November. Industrial production fell to a 15-month low, and retail sales showed their worst performance since late 2022.

Prime Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent discussed the Reconstruction Investment Fund, expanding Ukraine's ability to purchase US LNG, and financial support. Alvarez & Marsal has been appointed as the Fund's investment advisor.

The President of the European Council, António Costa, is confident that a decision on financing for Ukraine for 2026-2027 will be made at the December EU summit. He noted that the bloc is "very close to reaching a decision" amid the proposal of two options: a "reparations loan" or EU borrowing.

The Cabinet of Ministers must submit a bill to the Verkhovna Rada regarding individual entrepreneurs and VAT as one of the IMF's beacons. It provides for mandatory registration of VAT payers from January 1, 2027, for simplified taxpayers with a turnover of more than UAH 1 million.

The IMF welcomes discussions in Europe on the use of frozen Russian assets to support Ukraine. The Fund emphasizes compliance with international law and non-disruption of the functioning of the global monetary system.

The International Monetary Fund has named conditions for a new four-year EFF program with Ukraine, which provides access to 8. 1 billion US dollars. Among the conditions are the adoption of the 2026 budget, expansion of the tax base, and a number of others.

Ukraine's reserves reached $54. 7 billion as of December 1, increasing by 10.6% in November. The growth was driven by receipts from partners, which offset the NBU's net sale of foreign currency and debt payments.

Students at Cheikh Anta Diop University in Senegal clashed with security forces, demanding the payment of scholarships and financial aid. The unrest comes amid the country's acute financial problems and its debt burden of 132% of GDP.

The Verkhovna Rada Committee on Budget voted the State Budget for 2026 for the second reading. Proposed changes include an increase in the personal income tax percentage for local budgets and additional funds for arms procurement.

A record 3,339 amendments were submitted to the draft State Budget for 2026, and three more Ukrainian budgets would have been needed to accommodate them. Local budgets were left with 64% of personal income tax, and UAH 58 billion was allocated for teachers' salaries.

The draft extended financing program between Ukraine and the IMF provides for a package of changes to strengthen public finances and enhance anti-corruption policy. These innovations will affect tax policy, customs rules, the energy sector, and the state's interaction with business.

Ukraine and the International Monetary Fund have reached a staff-level agreement on a new 4-year support program worth $8. 2 billion. This program will help finance critical expenditures and maintain macro-financial stability.

Iryna Mudra, Deputy Head of the President's Office, expressed full support for anti-corruption bodies, emphasizing that no one in Ukraine is above the law. She stressed that corruption risks are increasing in wartime, but Ukraine is responding to them.

President Volodymyr Zelenskyy has ordered an audit of state-owned energy and defense companies. He also initiated a review of ARMA and FDMU.

Belarus acknowledges a deficit in foreign exchange reserves to cover debt payments in 2026, with only $5. 3 billion available for operational payments out of $13.7 billion on paper. The Ministry of Finance plans to attract additional resources from Russia to cover the deficit.

Ukraine held a meeting with the IMF mission regarding a new Extended Fund Facility program for 2026-2029. The reboot of the energy system and the adoption of the State Budget-2026 by December 2 were discussed.

European Commission President Ursula von der Leyen sent a letter to EU leaders assessing Ukraine's funding needs for 2026-2027. This amount is 135.7 billion euros, based on the assumption that the war will end in 2026.

Roksolana Pidlasa, head of the Verkhovna Rada budget committee, announced that Ukraine could receive the first tranche under the new IMF program, amounting to approximately $8 billion, in January 2026. The total volume of the four-year IMF program is about $8 billion.

An IMF mission led by Gavin Gray has begun discussions with Ukrainian authorities on a new extended financing program. The discussions focus on economic policies, including fiscal and monetary areas, as well as structural reforms to strengthen governance and combat corruption.

The IMF will soon launch a mission to Ukraine to assess the country's financial needs and discuss a potential new lending program. IMF spokesperson Julie Kozack emphasized the importance of a robust anti-corruption architecture in Ukraine.

The United States granted Hungary a one-year waiver from sanctions for using Russian oil and gas after Prime Minister Orban's meeting with President Trump. Hungary pledged to purchase approximately $600 million worth of liquefied natural gas from the US.

As of November 1, 2025, Ukraine's international reserves reached $49. 5 billion, the highest figure in the entire history of independence. The 6.4% increase in October is attributed to significant inflows from international partners.

European Commissioner Valdis Dombrovskis stated that the EU must provide Ukraine with "credible" financial commitments to unlock new IMF funds. This would allow for an IMF aid package of approximately $8 billion over the next three years, which is expected in January.

The State Statistics Service presented a new digital portal, StatGPT, with a built-in AI assistant for quick data retrieval. It allows users to obtain information without complex terminology and hours of searching, supporting the international SDMX standard.

The European Commission is considering covering Ukraine's funding deficit through funds raised from common EU debt and bilateral grants from member states. These options complement the proposal to use immobilized sovereign Russian assets totaling 140 billion euros.

Five Norwegian political parties have called on Oslo to intervene to overcome Belgium's concerns about using frozen Russian assets to finance a €140 billion 'reparations loan' to Ukraine. The Norwegian Prime Minister has ordered a full review of the country's possible participation.

IMF support for Ukraine depends on the EU's decision regarding a multi-billion dollar loan secured by frozen Russian assets. Belgium's refusal could lead to a blockade of IMF funding, which amounted to $8 billion.

Why the National Bank is preventing a sharp fall of the national currency and what will happen to the dollar.