Ukrainian Authorities and IMF Reached Staff Level Agreement on the Fourth Review of the Extended Fund Facility (EFF) Arrangement

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

The parties reached an agreement on an updated set of economic and financial policies to maintain macroeconomic stability and advance economic reforms on Ukraine`s path to EU accession. 

Discussions with IMF experts, representatives from the Ministry of Finance of Ukraine, the National Bank of Ukraine, and other authorities were held in Warsaw, Poland, and online from May 27 to 31, 2024.

The IMF staff noted the progress made by the Ukrainian authorities in fulfilling their commitments under the EFF as well as continued their dedication to the overall reform agenda. 

Ukraine met all the quantitative criteria and structural benchmarks by the fourth review of the Arrangement. Thus, further approval by the IMF Executive Board paves the way for Ukraine to receive USD 2.2 billion in the coming weeks.

"I am grateful to the team of the International Monetary Fund for the efficient and well-coordinated cooperation. An important part of our partnership is the development of proper financial and monetary policies that enable us to respond effectively to the challenges caused by the full-scale war. And Ukraine keeps working hard in the face of extreme uncertainty to implement the jointly agreed measures," said Minister of Finance of Ukraine Sergii Marchenko.

Representatives of the Fund emphasized the importance of the National Revenue Strategy and the implementation of envisioned reforms under it. The National Revenue Strategy is one of the structural benchmarks of the Arrangement, which provides for the phased implementation of measures aimed at reforming fiscal authorities, mobilizing tax revenues, and increasing public trust in tax and customs authorities.”

The Minister of Finance noted that the Government of Ukraine continues to work on the implementation of reforms and prioritizes the support of economic stability and recovery of Ukraine on its path to EU accession. 

Additional Information 

On 31 March 2023, the IMF Executive Board approved a new 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 122 billion. The State Budget of Ukraine has already received four tranches of the IMF EFF Arrangement totalling about USD 5.4 billion. In 2024, the EFF provides for USD 5.4 billion of budgetary assistance to Ukraine.