The IMF Board completed the Seventh Review of the EFF Arrangement

Today, the Executive Board of the International Monetary Fund (IMF) has completed the seventh review of the Extended Fund Facility (EFF) program for Ukraine.

As a result of the successful review, Ukraine will soon receive the next eighth tranche of about USD 400 million (SDR 300.47 million).

The IMF noted the progress of the Ukrainian side in performing the terms of the EFF program as of the end of December 2024. The Ukrainian economy remains resilient, and the performance of the EFF program remains high, despite the conditions of a full-scale war. Ukraine has met all quantitative performance criteria as of the end of December, the prior action for this review, and majority of the structural benchmarks, while the timelines of other benchmarks have been adjusted to accommodate capacity constraints.

"As a result of the successful review, Ukraine will receive a tranche of about USD 400 million in the near future. Thus, the total amount of disbursements under the EFF program will be over USD 10.1 billion. I am grateful to the International Monetary Fund for its support and expertise, which helps strengthen Ukraine's economic and financial resilience. Together, we continue working on the implementation of jointly defined reforms," said Ukraine's Minister of Finance Sergii Marchenko.

The Government remains committed to carrying out reforms and implementing policies aimed at maintaining macroeconomic stability and achieving better economic outcomes, even in the conditions of full-scale war. Structural reforms cover public finances, the financial sector, monetary and exchange rate policies, governance, anti-corruption efforts, and the energy sector.

The State Budget of Ukraine has already received seven tranches under the IMF EFF Arrangement totaling about USD 9.8 billion of the planned USD 15.5 billion for the period 2023-2027.

Additional information

On March 31, 2023, the IMF Executive Board approved a four-year Extended Fund Facility (EFF) program for Ukraine with funding of about USD 15.5 billion (SDR 11.6 billion). 

The program is part of an international support package for Ukraine that currently amounts to about USD 148,8 billion for 2023-2027. 

Since the start of the full-scale russian invasion, the International Monetary Fund has been the third largest provider of financial assistance to Ukraine, after the European Union and the United States.