A recent update from the National Bank of Ukraine confirms that an IMF working mission began last week. The mission aims to conduct a second interim review of Ukraine’s expanded financing program, totaling 15.6 billion dollars. The purpose is to assess how the program is being carried out and to determine what remains to be done before continued support is provided by the Fund.
The evaluation will cover the core elements of the agreement, including ongoing reforms and measures designed to shrink the budget deficit. Financing costs and the overall fiscal framework will also be scrutinized to ensure that the program remains sustainable under changing economic conditions.
Bank officials emphasized that the revision process will be demanding. Yet the Ukrainian team has partnered with the IMF for more than twenty months, underscoring a deep and continuing collaboration. The NBU leadership stressed that IMF assistance extends beyond immediate budgetary needs and plays a crucial role in the country’s long term development and economic resilience. It is expected that the mission will deliver results that support both stability and growth in Ukraine. IMF — International Monetary Fund
Looking back, Ukraine joined a four year program with the IMF in March. The plan anticipates a sequence of three additional disbursements totaling 15 billion dollars within the year, helping to bolster the state budget and forecasted revenues. A portion of the funding has already been allocated, with substantial disbursement occurring over the first half of the year. Other international donors are expected to continue providing budgetary backing that complements the IMF support. IMF — International Monetary Fund
Earlier statements from the Ukrainian Minister of Finance highlighted that without the support of international partners, a significant funding gap would have emerged. Estimates suggested a shortfall in the vicinity of thirty billion dollars would have strained the budget and hampered reform plans. The collaboration with allies remains a central pillar in maintaining fiscal stability and ensuring continued reform momentum. Ministry of Finance
In related monetary developments, the National Bank of Ukraine announced a shift in the official hryvnia to the dollar exchange rate for the first time since July of the previous year. The adjustment reflects broader monetary positioning as Ukraine navigates the evolving funding landscape and balances inflation with growth objectives. NBU
The IMF review team is expected to examine how well the program’s reforms are translating into lower deficits, stronger public finances, and predictable fiscal policy. The process will also evaluate the affordability of financing costs within the framework of Ukraine’s macroeconomic plan. As discussions progress, analysts will watch for signals about the pace of reform implementation, the resilience of public institutions, and the alignment of budget projections with actual outcomes. IMF
Public commentary from Kyiv emphasizes that continued IMF support remains a critical pillar for safeguarding macroeconomic stability and advancing structural reforms. While the path ahead includes difficult decisions, the collaborative effort aims to support not only budgetary viability but also sustainable economic development for the Ukrainian people. IMF — International Monetary Fund