Ukrainian Authorities and IMF reached Staff Level Agreement on the Eighth Review of the EFF Arrangement

Representatives of the Ukrainian authorities and the International Monetary Fund (IMF) mission have reached a staff-level agreement on the eighth review of the Extended Fund Facility (EFF) program. The total amount of the Program amounts to about USD 15.5 billion for the period 2023-2027.

The staff-level agreement is subject to approval by the IMF Executive Board in the coming weeks.

Between May 20–27, officials from the Ministry of Finance of Ukraine, the National Bank of Ukraine, other government representatives, and the IMF mission held a series of discussions in Kyiv regarding the eighth review.

IMF staff praised the efforts and commitment of the Ukrainian Government in implementing a comprehensive reform agenda under the Program.

All end-March quantitative performance criteria and indicative targets have been met. Ukraine also met two structural benchmarks:

• Submission to Parliament of legislative amendments to introduce tax reporting requirements for digital platform operators;
• Publication of the completed external audit of the National Anti-Corruption Bureau of Ukraine’s effectiveness.

“Cooperation with the IMF remains an integral part of maintaining fiscal and monetary stability and supporting economic recovery. Each structural benchmark is a stabilizing factor that helps sustain the resilience of Ukraine’s financial system despite the war. I thank all parties involved for the productive discussions over the past week. Reaching a staff-level agreement on the eighth review paves the way to the next Program disbursement of SDR 373.53 million, or up to USD 500 million,” said Sergii Marchenko.

The IMF mission also noted significant progress in public investment management reform, which is crucial for post-war recovery, reconstruction, and economic growth.

IMF experts emphasized that maintaining medium-term fiscal sustainability requires continued efforts to mobilize domestic revenues, tackle tax evasion, and improve the investment climate. Broad-based, long-term, and effective revenue mobilization measures, as well as the active implementation of Ukraine’s National Revenue Strategy, are of key importance.

Since the start of the EFF program, about USD 10.1 billion has been disbursed to Ukraine’s State Budget out of the USD 15.5 billion planned.

The IMF is the third-largest provider of financial assistance to Ukraine since the start of the full-scale invasion, having provided around USD 12.8 billion.