Ukrainian Authorities and IMF Reached Staff Level Agreement on the Fifth Review of the EFF Arrangement

Representatives of the Ukrainian authorities and IMF staff have reached a staff-level agreement on the fifth review of the 4-year Extended Fund Facility (EFF) Arrangement. The total amount of the program is about USD 15.6 billion for 2023-2027.  

Discussions with IMF staff, representatives from the Ministry of Finance of Ukraine, the National Bank of Ukraine, and other authorities were held  in Kyiv on September 4-10, 2024. 

The parties reached an agreement on an updated list of measures aimed at maintaining macroeconomic stability in the context of the ongoing war. 

IMF staff noted Ukraine's progress in performing its obligations under the EFF Arrangement. Ukrainian authorities have met all quantitative criteria and structural benchmarks as of the end of June. 

“Effective and well-coordinated cooperation with the IMF remains crucial to maintaining financial stability amid russia's armed aggression. Despite facing extreme uncertainty, Ukraine is committed to implementing the jointly agreed measures. A successful program review is expected to result in about USD 1.1 billion in budget support for Ukraine subject to approval by the IMF Executive Board,” said Minister of Finance of Ukraine Sergii Marchenko. 

The Ministry of Finance of Ukraine remains committed to the comprehensive reform plan. The implementation of measures and policies will help to maintain macro-financial stability and accelerate the country's European integration process.

The Ukrainian side condemned the resumption of IMF cooperation with russia and the sending of a mission to Moscow. Sergii Marchenko called for no further cooperation with the aggressor country:

“Over the past week, we have engaged in discussions with IMF staff to address significant financial and economic challenges and ensure stability. We are working closely with the Fund and other international partners to secure the resources critical to Ukraine's survival. None of these efforts would be necessary if not for russia’s full-scale invasion. As long as russia continues killing civilians, including children, and destroying both Ukraine and international norms, we call for the complete isolation of the aggressor state and the suspension of any dialogue with it. It would be absurd for the main financial institution of the United Nations to legitimize the russian regime, which has effectively destroyed the very foundations of the UN Charter”. 

Additional Information 

On 31 March 2023, the IMF Executive Board approved a four-year Extended Fund Facility (EFF) for Ukraine with funding of USD 15.6 billion (SDR 11.6 billion). 

This Arrangement is part of an overall support package for Ukraine from international partners worth about USD 151 billion. The State Budget of Ukraine has already received five tranches of the IMF EFF Arrangement totalling about USD 7.6 billion. In 2024, the EFF provides for USD 5.4 billion of budgetary assistance to Ukraine.