Ukraine received $1.1 billion from the IMF. Minister of Finance met with the IMF leadership in Washington, D.C.

The Minister of Finance of Ukraine Sergii Marchenko met with the leadership of the International Monetary Fund on the sidelines of the IMF and World Bank Group Annual Meetings in Washington, DC. 

Representatives of the delegation of the Ministry of Finance of Ukraine - Deputy Ministers of Finance Yuriy Draganchuk, Olga Zykova, Svitlana Vorobey and Government Commissioner for Public Debt Management Yuriy Butsa - as well as representatives of the NBU and Extraordinary and Plenipotentiary Ambassador of Ukraine to the US Oksana Markarova participated in the discussions. 

Today, the State Budget of Ukraine has received a tranche of about USD 1.1 billion (SDR 834.9 million) as a result of the successful fifth review of the EFF Arrangement. Sergii Marchenko thanked for the constructive cooperation, which allows maintaining the stability of the financial system and attracting financial support.

During the meeting with IMF Managing Director Kristalina Georgieva, the parties discussed further cooperation and Ukraine's financial needs for the next year. 

"Since the beginning of the full-scale invasion, Ukraine has received over USD 11.3 billion from the IMF alone. Effective cooperation with the Fund is one of the levers to maintain the country's financial stability in times of war. The IMF continues to respond effectively to Ukraine's needs. The decision to optimise the schedule of tranches for 2025 was important for our country, which will allow us to attract more funds to the State Budget under the EFF next year,’ said Sergii Marchenko. 

Now, the IMF EFF Arrangement envisages up to USD 2.7 billion for 2025 based on the results of four reviews. Initially, this amount was about USD 1.8 billion, according to two reviews of the Arrangement.

As of October 2024, the IMF is Ukraine's third largest partner in terms of provided financing (after the EU and the US).

Over the 19 months of the Extended Fund Facility (EFF) Arrangement, Ukraine has successfully completed five reviews - for the first time in the history of cooperation with the IMF. This has allowed Ukraine to attract about USD 8.7 billion out of the USD 15.6 billion provided by the Arrangement. 

Kristalina Georgieva assured that the Fund would continue to fully support Ukraine.

Together with IMF Deputy Managing Director Gita Gopinath and Director of the IMF's European Department Alfred Kammer, the parties discussed the main indicators of the draft State Budget 2025, key macroeconomic indicators, and external financing needs for the next year.

The team of the Ministry of Finance also met with the Head of the IMF mission in Ukraine Gavin Gray and the IMF experts.

Sergii Marchenko spoke about the draft of the third State Budget under martial law and its priorities: 

"Security and defence remains the undisputed priority of the 2025 budget and is the largest expenditure item. Another important task is to provide citizens with timely social services and assistance. We need the support of our international partners in this regard. The need for external financing for the next year is estimated at around USD 38.4 billion," the Minister of Finance said.

All key parameters of the budget have been determined as a result of active discussions with the IMF representatives in the framework of the IMF mission for the fifth review of the Arrangement.  

The parties agreed on the need to strengthen Ukraine's domestic financial capacity to effectively respond to the significant challenges caused by the full-scale war.