KYIV – Ukrainian officials commenced discussions on Thursday with an International Monetary Fund (IMF) team as part of the latest review of the country’s $15.6-billion Extended Fund Facility (EFF) programme. Successfully completing this review could unlock approximately $917 million in new funds.
As the war with Russia enters its fourth year, Ukraine remains heavily reliant on international financial aid to support social and humanitarian needs, with a significant portion of state revenue allocated to defense. The IMF’s seventh regular review includes reform targets, such as amending the criminal code and establishing an administrative court. However, these legislative changes have yet to be considered by parliament, posing challenges to meeting the programme’s conditions.
Ukrainian Prime Minister Denys Shmyhal expressed optimism about the ongoing cooperation, stating on Telegram that the government expects to receive a total of $2.7 billion from the IMF this year. “Despite the full-scale war, we continue to transform the economy and implement necessary reforms,” Shmyhal said.
Since the Russian invasion in February 2022, the IMF has provided $12.4 billion in aid to Ukraine. Additionally, finance ministry data revealed that Ukraine has received over $118 billion in foreign financial assistance from its allies since the conflict began.