Ukraine will receive about USD 900 million from the IMF as a result of completion of the Second Review under the EFF Arrangement

Today, on 11 December, the International Monetary Fund (IMF) Executive Board completed the Second Review under the Extended Fund Facility (EFF) Arrangement for Ukraine and the 2023 Article IV consultation.

The successful completion of the review opens the way for Ukraine to receive a third tranche of funding from the IMF in the amount of about USD 900 million (SDR 663.9 million) in the near future.

The IMF Executive Board noted the achievements of the Ukrainian side in implementing the EFF programme, as well as its commitment to the reform agenda under martial law. All quantitative performance criteria as of the end-June, indicative targets as of the end-September were met. In particular, Ukraine has performed the conditions, which include legislative initiatives to strengthen the Budget Code, strengthen tax policy, anti-corruption measures, etc. 

"The teams of the Government of Ukraine, the National Bank of Ukraine and the IMF have done a great job to achieve a successful second review of the EFF programme. Thanks to the coordinated cooperation, Ukraine has performed all the necessary conditions for the continuation of the programme and for receiving further financing from the Fund in the amount of about USD 900 million. In addition to financial assistance and support in mobilising financial resources from other donors, the programme has resulted in the implementation of important policies to strengthen the competitiveness of Ukraine's economy. Following the second review, we continue to work on the implementation of the jointly identified reforms to ensure financial stability, long-term growth, strengthened governance and comprehensive European integration of Ukraine," said Minister of Finance of Ukraine Sergii Marchenko.

On 10 November, representatives of Ukraine and IMF experts reached a staff-level agreement on the second review of the Extended Fund Facility programme.

The EFF programme envisages the implementation of a number of policies, primarily in the areas of combating and preventing corruption, the rule of law, monetary and fiscal policy, the financial sector, as well as in the budget, tax, customs, and energy sectors.

Article IV discussions focused on foundational policies for strong, balanced, and green growth in the post-war era to support Ukraine’s EU accession. 

Additional Information 

On 31 March 2023, the IMF Executive Board approved a new four-year Extended Fund Facility (EFF) programme for Ukraine with funding of about USD 15.6 billion (SDR 11.6 billion). This programme is part of the overall international support package for Ukraine, which currently stands at around USD 122 billion.

Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members. A staff team discusses with officials the country's economic developments and policies.